E-way bill: Giving a relief to the transporters for moving goods between states received a big boon today, after Bihar's Deputy Chief Minister and Finance Minister announced that the GST provision requiring transporters to carry an electronic way bill or e-way bill should be implemented from April 1st.
E-way bill: Giving a relief to the transporters for moving goods between states received a big boon today, after Bihar’s Deputy Chief Minister and Finance Minister announced that the GST provision requiring transporters to carry an electronic way bill or e-way bill should be implemented from April 1st. Addressing the media, Modi who heads the GoM on GST-N, said that the GST provision has been recommended by a group of state finance ministers. Modi added that the requirement for intra-state movement of goods of more than Rs 50000 value would be introduced in phases after assessing the response for inter-state movement.
The requirement of carrying e-way bill was postponed pending IT network readiness after the implementation of the Goods and Services Tax from July 1. However, it was implemented from February 1 but the system crashed and its implementation was deferred. In order to resolve IT challenges faced in GST implementation, Modi said that 26 to 30 Lakh E-Way bills are expected to be generated when it is expected to implement E-Way bills by 1st April 2018. Modi said the recommendation of the panel would be considered by the GST Council at its meeting on March 10. Besides plugging tax evasion, the e-way bill is supposed to boost revenues by 15-20 percent. He added that about 9.5 Lakh taxpayers are registered on E-Way bills portal. whereas 6.5 Lakh E-Way bills are generated per day.
E-way bill is an electronic way bill for movement of goods which can be generated on the GSTN (common portal). Movement of goods of more than Rs 50,000 in value cannot be made by a registered person without an e-way bill. The e-way bill can also be generated or cancelled through SMS. When an e-way bill is generated, a unique e-way bill number (EBN) is allocated and is available to the supplier, recipient, and the transporter. The decision to implement the system of e-way Bill for the inter-state movement was done with the dual purpose; first to curb tax evasion and second, for seamless movement of goods. Under the e-way bill system, a transporter is required to have online pre-registration of goods before transportation under the new GST regime. All goods worth Rs 50,000 will require pre-registration before they are moved for sale beyond 10 km.