Taking stock of indirect taxes

It would be wise to assess how the information collected from e-invoicing can be leveraged to improve the efficiency of the indirect tax regime.

THIS year has seen significant developments in indirect tax, with key changes such as the sales tax on low-value goods (LVG), the increase in the service tax rate from 6% to 8%, an expanded scope of taxable services and a new excise duty on pre-mixed preparations.

Businesses have been kept busy and focused on ensuring compliance with these regulatory changes.