Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.

    SUBMIT

Thank you for
taking the pledge

But the job is not done yet!
Vote for the deserving candidate this year.

Check your mail to know more

Disclaimer:

Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
SPONSORED BY
LIVE TV DownloadNews18 App
News18 English
»
2-min read

GST: E-way Bill System to be Implemented From Feb 1

Once the e-way bill system is implemented, tax avoidance will become extremely difficult as the government will have details of all goods above the value of Rs 50,000 moved and can spot the mismatch if either the supplier or the purchaser does not file tax returns, a top government official said.

PTI

Updated:December 31, 2017, 4:23 PM IST
facebookTwittergoogleskypewhatsapp
GST: E-way Bill System to be Implemented From Feb 1
Image for representation only.
Loading...
New Delhi: The GST provision requiring transporters to carry an electronic waybill or e-way bill when moving goods between states will be implemented from February 1 to check rampant tax evasion and boost revenues by up to 20 percent.

After implementation of the Goods and Services Tax (GST) from July 1, the requirement of carrying e-way bill was postponed pending IT network readiness. This was done even in the 17 states which in the pre-GST era had a well established electronic challan or e-way bill system, a top government official said.

Earlier, tax evasion was rampant as some preferred not to pay tax by resorting to cash dealing. Once the e-way bill system is implemented, tax avoidance will become extremely difficult as the government will have details of all goods above the value of Rs 50,000 moved and can spot the mismatch if either the supplier or the purchaser does not file tax returns, he said.

The all-powerful GST Council had on December 16 decided to implement the e-way bill mechanism throughout the country by June 1.

The official said e-way bill for inter-state movements will be implemented from February 1 and for intra-state movement from June 1.

The official said states have been given the option of choosing when they want to implement the intra-state e-way bill between February 1 and June 1.

They have also been given the option to exempt movement of goods within 10-km radius, he said, adding all essential goods have been exempted from the requirement of carrying e-way bill.

Besides plugging tax evasion, the e-way bill will boost revenues by 15-20 percent, he said. "The experience of states which had e-way bill system in pre-GST era showed a 15-20 percent rise in revenue," he said.

The official said a pilot of e-way bill has been successfully run in Karnataka and the IT system is fully geared to meet any requirement.

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, he said. 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, he added. Trade and transporters can start using this system on a voluntary basis from January 16.

The rules for implementation of nationwide e-way bill system for inter-state movement of goods on a compulsory basis will be notified with effect from February 1, 2018. This will bring uniformity across the states for seamless inter-state movement of goods.
| Edited by: Bijaya Das
Read full article
Loading...
Next Story
Next Story

Also Watch

facebookTwittergoogleskypewhatsapp
 
T&C Apply. ARN EU/04/19/13626
 
Most Active
Company Price Change %Gain
Reliance 1,345.35 -2.93
HDFC Bank 2,268.70 -1.09
Jet Airways 154.70 -6.16
Yes Bank 238.35 -6.82
Indiabulls Hsg 733.95 -8.32
Company Price Change %Gain
Marico 364.25 -0.08
SpiceJet 125.15 -8.15
Jet Airways 154.60 -5.67
Yes Bank 238.40 -6.62
Larsen 1,358.85 -0.14
Top Gainers
Company Price Change %Gain
Wipro 288.25 1.21
Bharti Airtel 349.40 0.71
Tech Mahindra 805.35 0.62
Infosys 721.05 0.56
TCS 2,161.45 0.53
Company Price Change %Gain
Bharti Airtel 349.85 0.89
TCS 2,164.35 0.88
Infosys 720.60 0.59
NTPC 135.75 0.26
Power Grid Corp 194.60 0.21
Top Losers
Company Price Change %Gain
Indiabulls Hsg 733.95 -8.32
Yes Bank 238.35 -6.82
BPCL 340.10 -6.28
IndusInd Bank 1,691.00 -4.15
IOC 149.75 -4.07
Company Price Change %Gain
Yes Bank 238.40 -6.62
IndusInd Bank 1,691.45 -4.11
Reliance 1,344.80 -2.76
ICICI Bank 394.60 -2.54
HDFC 1,955.05 -2.44

Live TV

Loading...
Countdown To Elections Results
  • 01 d
  • 12 h
  • 38 m
  • 09 s
To Assembly Elections 2018 Results