Articles published by The Economics Times and Times of India, Mumbai Edition.
Dear all,
Your association SIMA is forwarding herewith articles published by The Economics Times dated 11.11.2019 and Times of India e-paper, Mumbai Edition dated 12.11.2019.
1. E-invoicing to be introduced on a voluntary basis: here's what you should know
The GST Council has proposed that the electronic invoicing (e-invoice) system may be implemented on a voluntary basis from January 2020. Until now, there have been no standards set for e-invoicing in India. After consultation with the relevant trade and industry bodies, as well as the Institute of Chartered Accountants of India (ICAI), the GST Council finally approved of the standard for e-invoicing in its 37th Council meeting held in September, in Goa.
E-invoicing in India will be a big move, due to the volume of business transactions undertaken every day, as well as the plethora of different, non-standardised formats used in invoice generation…...TO READ THE FULL ARTICLE PLEASE CLICK HERE.
2. Industrial output contracts 4.3%, its worst fall in 8 years
(17 Of 23 Industry Groups Post Decline in September)
The country’s industrial output slumped to its lowest level in nearly eight years, dragged down by contraction in 17 of 23 industry groups—prominently capital goods, manufacturing, mining and electricity sectors. The latest data will heap fresh pressure on authorities to reverse the slowdown.
Data released by the National Statistical Office on Monday showed the index of industrial production contracted 4.3% in September, the second successive month of decline after the fall of 1.4% in August and lower than the 4.6% expansion posted in the year earlier period. Between April and September, the sector grew an annual 1.3% compared with a 5.2% expansion in the year earlier period.
This is the lowest monthly growth in the 2011-12 series, after the decline of 1.7% in November 2012. In the 2004-05 series, which cannot be compared to the 2011-12 series due to methodological changes, this was the sharpest decline since the 5% contraction in October 2011…...TO READ THE FULL ARTICLE PLEASE CLICK HERE.
This is for your kind information.
Thanking you,
With regards,
For Silvassa Industries & Manufacturers Association,
Narendra Trivedi,
Secretary
