The Economic Survey Report 2023 stated that the seamless generations of e-way bills and electronic toll collections have augmented better tax collections for the government. It has not just helped in curbing tax evasion but generated trust for small businesses through monitoring compliance.
The government has also taken initiatives towards empowering individuals with control over their data to access essential services related to finance, health, education, and skills digitally. The Account Aggregator (AA) is a global techno-legal framework that enables individuals to share their financial data quickly and securely, with their consent, with any regulated third-party financial institution of their choice.
The reforms led by our government, in addition to existing inherent advantages like demography, technological developments, entrepreneurial spirit, and market size, have changed the landscape of the start-up ecosystem in India.
Techno-smart regulations are the future of digital societies. Governments worldwide have adopted or are introducing legislation to provide a foundation for robust data governance. Their policy goals can be complemented and advanced with the help of standard, open, and interoperable protocols that increase the choice of digital services available to a user and enhance user privacy, such as the Data Empowerment & Protection Architecture.
The e-way bill being a key initiative by the government, it can be said that the system has largely been successful. As per government statistics, in FY19, more than 55 crore waybills have been generated. While the exact correlation between the implementation of the e-way bill and the increase in revenue collections for the government may not be available, it might be fair to say that the system does act as a deterred Tax Evasion.
It was evident that the percentage of registered businesses filing GST returns, which has been hovering around 70 per cent, has been a concern for the government. The government has now proposed to block the generation of e-way bills in cases of non-filing of GST returns for two consecutive tax periods thereby it curbs tax evasion.
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