EEPC India Proposes 'Faceless' GST Audit System
By Rediff Money Desk, Kolkata Dec 29, 2024 20:43
EEPC India advocates for a 'faceless' GST audit system to streamline procedures and reduce compliance costs for businesses, aiming to boost ease of doing business in India.
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Kolkata, Dec 29 (PTI) The Engineering Export Promotion Council (EEPC), India on Sunday proposed the introduction of a faceless GST audit system to boost ease of doing business in the country.
The apex engineering exports promotion body's proposal comes following the successful implementation of faceless assessment' by the Income Tax department.
The faceless GST audit system, by using technology and ensuring anonymity, will reduce compliance costs. A faceless system will streamline procedures allowing MSMEs to focus on growth and innovation," said Pankaj Chadha, chairman of EEPC India.
The proposal is a part of EEPC India's Budget 2025 recommendation.
By introducing a faceless GST audit system, India can further improve its ranking in the Ease of Doing Business index, making it a more attractive destination for foreign investors, it said.
It also proposed that Reverse Charge Mechanism (RCM) related liabilities should be eligible for the Amnesty Scheme' to address challenges faced by exporters, who may be unaware of foreign bank charges and foreign business services.
The apex engineering exports promotion body's proposal comes following the successful implementation of faceless assessment' by the Income Tax department.
The faceless GST audit system, by using technology and ensuring anonymity, will reduce compliance costs. A faceless system will streamline procedures allowing MSMEs to focus on growth and innovation," said Pankaj Chadha, chairman of EEPC India.
The proposal is a part of EEPC India's Budget 2025 recommendation.
By introducing a faceless GST audit system, India can further improve its ranking in the Ease of Doing Business index, making it a more attractive destination for foreign investors, it said.
It also proposed that Reverse Charge Mechanism (RCM) related liabilities should be eligible for the Amnesty Scheme' to address challenges faced by exporters, who may be unaware of foreign bank charges and foreign business services.
Source: PTI
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