The GST Council, in its 25th meeting on Thursday, decided to cut rates on as many as 49 items, while the E-Way Bill, which was approved in the last meeting for an early roll-out, was also discussed.
The GST Council, in its 25th meeting on Thursday, decided to cut rates on as many as 49 items, while the E-Way Bill, which was approved in the last meeting for an early roll-out, was also discussed. Uttarakhand Finance Minister Prakash Pant told reporters on the sidelines of the meeting that penalty for non-compliance of the E-Way has not been decided yet and the clause will be implemented by March 1.
The GST Council, which held an urgent meeting via video conference on December 16, approved mandatory compliance of the e-Way Bill to ease traders concerns and check tax evasion. With this decision, the e-way bill for the inter-state movement got advanced to February 1 from April 1, while the trail began from January 16.
Besides, the GST Council also discussed a slew of issues from simplification of the GST return filing to bringing real-estate and petroleum products under the GST.
The E-way bill requires online pre-registration of goods before transportation under the new GST regime. Under the e-way mechanism, all goods worth over Rs 50,000 will have to be pre-registered online before they are moved for sale beyond 10 km.
An e-way bill is required for movement of goods worth more than Rs 50,000. When goods are transported for less than 10 km within a state, the supplier or the transporter need not furnish details on the GST portal. The e-way bill mechanism has been introduced in the GST regime to plug tax evasion loopholes. Tax evasion was one of the reasons cited by the government for the fall in revenue collection in October.
The GST Council approved mandatory compliance of e-way bill for intra-state movement of goods from June 1. However, some states might roll out both inter-state and intra-state e-Way Bill from February 1 on a voluntary basis.