“After successfully implementing this for large taxpayers, the government is expected to roll out these changes for all taxpayers in a phased manner,” Mohan told PTI. Hence, it is essential for taxpayers to ensure that they report the invoice within the 7-day window provided by the new time limit, the GSTN said.ĪMRG & Associates Senior Partner Rajat Mohan said this technological change would arrest backdating of e-invoices by large companies. The validation system built into the invoice registration portal will disallow the user from reporting the invoice after the 7-day window. It cannot be reported after April 8, 2023. The GSTN further said that an invoice has a date of April 1, 2023. This restriction will apply to invoices, and there will be no time restriction on reporting debit/credit notes, it added.

Vedanta Ltd in turn controls Hindustan Zinc and Cairn Oil & Gas as well as aluminum, zinc and copper assets.īesides his business, Agarwal wants to start a university and address malnutrition in children by providing healthy meals to 8 crore children.GST Council meet today likely to decide on relief for exporters, assess GST Network's functioning Infosys to configure editing facility in the GST network to enable traders to file returns It has two main assets: a 50.1 per cent stake in Mumbai-listed Vedanta Ltd and a 79.4 per cent holding in KCM, a copper mine and smelter in Zambia, which has been seized by the government. He dismissed concerns about paying upcoming debt maturities, saying the group generates enough cash flows every year to meet all its obligations.Īgarwal built the large natural resources group using borrowed money to buy distressed assets from the government and mining companies around the world. other licences (required for chip manufacturing) we have to take. 'We have a fantastic partner in Taiwan's Foxconn. 'People are standing with bags of money, money will never be a constraint,' he said. 'Why should India remain a third-world country,' he asks.Īsked about financing and technology tie-ups for the semiconductor plants, he said USD 1.5 billion has been allocated by the group, which should be sufficient to meet the initial roll-out requirements. This can happen if natural resources are explored, imports reduced and more jobs created. Agarwal said India's per capita income should rise to USD 5,000 from the current USD 2,000.

Business by R.S. Agarwal