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India's services activity expanded again in July, although the S&P Global India Services Purchasing Managers' Index (PMI) slumped to 55.5 from an over 12 year high of 59.2 in June, data released on August 3 showed.

A reading above 50 indicates expansion in activity, while a sub-50 print is a sign of contraction.

The government has widened the ambit of e-invoicing for businesses by lowering the mandatory turnover threshold to Rs 10 crore from Rs 20 crore under the Goods and Services Tax (GST) regime. The new threshold starts October 1.

The move is aimed at digitising a higher volume of transactions, transparency in sales reporting, reducing errors and mismatches, automating data entry work, and improving compliance.

Sources said the government will further extend it to entities with a turnover of Rs 5 crore, seeking to plug revenue leakage and ease compliance.

The Central Board of Indirect Taxes and Customs (CBIC) notified the rule late Monday amending the current threshold in line with the recommendations of the GST Council.

'Business Standard' reported on July 4 about the government’s plans to make GST e-invoicing mandatory for companies with a turnover of Rs 10 crore and then Rs 5 crore in the current financial year.

E-invoicing (electronic billing) started in October 2020 and was made mandatory for entities with a turnover of Rs 500 crore and above. This threshold was brought down to Rs 100 crore and later to Rs 50 crore in 2021 for business-to-business (B2B) transactions.

Taxpayers must generate invoices on their internal system or billing software and then report them to the invoice registration portal (IRP)--a requirement to get input tax credit (ITC).

The government is looking into cases of alleged tax evasion by three mobile companies of China and notices have been given to them, Finance Minister Nirmala Sitharaman informed Rajya Sabha on Tuesday.

Replying to supplementaries during the Question Hour, the minister said the three companies are Oppo, Vivo India and Xiaomi.

The Department of Revenue Intelligence (DRI) has issued a notice to mobile company Oppo for total customs duty of Rs 4,389 crore and these are on the grounds of mis-declaration of certain goods leading to a short payment in customs duty, she said, adding, "duty evasion we think is about Rs 2,981 crore".

"Undervaluation of imported goods for the purpose of payment of customs duty, that we think is an evasion of Rs 1,408 crore," she said.

She said voluntarily they have come about to deposit Rs 450 crore, much against the demand of Rs 4,389 crore. Regarding the other companies, she said Xiaomi is another mobile company which deals with assembled MI mobile phones.

"Three show-cause notices have been issued to them and the approximate duty liability there is about Rs 653 crore.For the three show cause notices, they have been issued, they have deposited only Rs 46 lakh," the minister said.

The third company is Vivo India, for whom also there is a demand notice issued for Rs 2,217 crore for which they have deposited Rs 60 crore as voluntary deposit, she informed the House.

"Besides these, the ED is looking at 18 companies that were established by the same group Vivo and there they have voluntarily remitted Rs 62 crore as deposit but the parent company outside of India has the total sales of 1.25 lakh crore.

"Of the Rs 1.25 lakh crore total sales, Vivo has transferred through these 18 companies huge amounts of funds and it is believed that Vivo India has, in turn, remitted 0.62 lakh crore to its parent company which is outside India," Sitharaman said.

The insurance regulator has stiffened the anti-money laundering rules as part of consolidation of the guidelines for the sector.

The rules issued to consolidate and update guidelines on anti-money laundering replaces the assorted norms issued since 2013. The key change is that exemptions and relaxations from the guidelines for companies have been done away with. So no life, general, or health insurer can claim any relaxations to comply with the money-laundering rules, as set out by the Reserve Bank of India.

Also, the Insurance Regulatory and Development Authority has made the level of risk assessment a function of the size of the business of the companies. So the “periodicity of conducting anti-money laundering and counter financing of terrorism programme review and compliance audit and risk assessment (shall) not be fixed but based on risk exposure by the insurer”.

The guidelines come as the regulator is preparing the ground for a larger exposure of foreign companies and a wider range of domestic financial sector companies to enter the sector. Globally, all regulators are upping the ante on these risks.

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Although the recent spate of high-frequency data has raised hopes of a sustained economic recovery, experts see Asia’s third-largest economy facing headwinds from a slowing global growth and monetary tightening by its central bank.

India's manufacturing activity remains robust with the S&P Global Purchasing Managers' Index hitting an eight-month high of 56.4 percent in July, indicating that price pressure has started to cool off.

This was supported by other fundamentals recorded in July. The month saw passenger car sales jumping 16 percent, while goods and services tax revenue spiked to its second highest level of Rs 1.49 lakh crore. Eight core industries continued to average 12.7 percent in June.

While the domestic demand recovery that will ensure that growth remains reasonably robust, there are several countervailing risks going ahead, economists pointed out.

Fears of a crisis worsened with the Indian currency being battered in recent weeks amid the global risk-off, slipping below the key psychological level of 80 to a dollar. Since India runs a perennial trade deficit, this also adds to the inflationary pressure in the economy.

By Kevin Buckland

TOKYO (Reuters) - The dollar hung near a three-week low to major peers on Monday as markets continued to wager that the Federal Reserve has less tightening to do with the U.S. economy at risk of recession.

The dollar index, which measures the currency against six counterparts, edged 0.1% lower to 105.89, slipping back toward Friday's low of 105.53, a level not seen since July 5.

Data at the end of last week tossed the greenback in both directions, rising initially after the personal consumption expenditures (PCE) price index showed the fastest inflation since 2005, only to sink after the final University of Michigan report - closely watched by Fed policymakers - showed slipping consumer inflation expectations.

The big economic focus for this week will be the monthly U.S. jobs report on Friday.

Traders currently price about 31% probability that the Fed will keep its current 75 basis-point pace of rate hikes at its next meeting on Sept. 21, with 69% odds for a smaller half point increase.

"Markets look to be betting the Fed has done the lion's share of its task on inflation and will be receptive to slowing activity data," Taylor Nugent, a markets economist at NAB in Sydney, wrote in a client note.

The dollar slipped 0.22% to 132.925 yen, heading back toward the six-week low of 132.505 reached on Friday.

The currency pair is extremely sensitive to changes in U.S. long-term Treasury yields, with the benchmark 10-year hovering around 2.67% after sliding to the lowest since early April at 2.618% at the end of last week.

The euro, however, edged 0.07% lower to $1.0218, continuing its consolidation near the middle of its range over the past week and a half.

Sterling was about flat at $1.2186, after hitting the highest since June 28 at $1.2245 on Friday. Markets are laying 67% odds for a half-point rate hike on Thursday, compared to 33% probability of a quarter-point increase.

The Reserve Bank of Australia sets policy on Tuesday, and is expected to deliver another half point increase, with traders seeing just a 16% chance of a smaller quarter point tightening.

The Aussie dollar slipped 0.19% to $0.69775 on Monday, but after touching a six-week high of $0.7032 in the previous session.

"Should the market continue to hear what it wants from the Fed, the Aussie can readily spend more time above $0.70," NAB's Nugent said.

"But $0.65-0.70 is still seen containing most of the price action in coming months."

Insignia Ventures Partners has raised $516 million for its latest funds as the Southeast Asia-focused early stage tech venture fund doubles down on the region's digital economy.

"We could have raised a much higher amount but we have learned that smaller, tighter funds do better," Insignia's founding managing partner Yinglan Tan said in a statement on Monday.

The fundraising includes $388 million for Insignia's third fund, $28 million for an entrepreneurs' pool that invests alongside the main fund and an Annex Fund I at $100 million, said the five-year-old firm that has backed more than 70 companies.

Venture capital firms have been ramping up investments in Southeast Asia as rising consumer adoption of digital platforms since the COVID-19 pandemic fuels startups across many sectors.

Insignia said investors for its third fund, which was oversubscribed, included sovereign wealth funds, university endowments and family offices from Asia, Europe and North America.

"We see a once-in-a-decade opportunity to capture outlier returns, as the winners become very obvious when the tide goes out," said Tan, referring to the weak market environment.

Like global peers, Southeast Asian tech firms have seen sharp declines in their share prices from late last year as investors baulk at higher valuations and slowing economies.

Insignia's portfolio companies include Southeast Asian car marketplace Carro, Indonesia's biggest tech firm GoTo, and Indonesian digital investment platform Ajaib.

India collected Rs 1.49 lakh crore as Goods and Services  Tax (GST) in July, posting an increase of 28 percent from the same month last year, the finance ministry said on August 1.

Compared to the money collected in June, the July GST mop-up was 3 percent higher.

"For five months in a row now, the monthly GST revenues have been more than Rs 1.4 lakh core, showing a steady increase every month," the finance ministry said in a statement.

Of the total GST collections, Central GST was Rs 25,751 crore, while State GST was Rs 32,807 crore. Integrated GST was Rs 79,518 crore and cess was Rs 10,920 crore.

The government settled Rs 32,365 crore to Central GST and Rs 26,774 crore to State GST from Integrated GST. As such, post settlement, the total revenue of the Centre and the States in July was Rs 58,116 crore and Rs 59,581 crore, respectively.