GST E-way Bill

Businesses with turnover above Rs 5 crore will not be able to generate e-way bill without including e-invoice details for all B2B transaction from March 1. Under the goods and services tax regime, e-way bills are required for inter-state transportation of goods valued over Rs 50,000. The National Informatics Centre (NIC) said on analysis it was found that some of the taxpayers, who are eligible for e-invoicing, are generating e-way bills without linking with e-invoice for B2B (business to business) and B2E (business to exports) transactions. In some of these cases, the invoice details entered separately under e-way bill and e-invoice are not matching with respect to the certain parameters. This is leading in mismatch in the e-way bill and e-invoice statements. " to avoid such situations, e-way bill generation will not be allowed without e-invoice details from 1st March 2024. This is applicable for e-invoice enabled tax payers and for the transactions related to supplies under B2B a

The move will help track the movement of gold to help plug tax evasion and smuggling amid rising prices and subdued GST collections

A Group of Ministers (GoM) led by Kerala Finance Minister Thomas Isaac will take up the proposal - aimed at checking tax evasion and smuggling - on Friday

Two key indicators--the rising number of e-way bills generated under GST, and a stronger SBI Composite Index point to a resurgence in economic activity

Network says June 30, the last day of Unlock 1.0, ended with generation of 1.83 million E-way bills worth over Rs 54,500 crore, which is the highest since lockdown was enforced

This indicates that GST revenue for May, but collected in June, could recover after reporting a close to 85% shortfall in April vis-a-vis last year

CBIC said almost Rs 80 billion worth GST evasion has been recovered by the tax officials

The state government has already raised the threshold to generate bills from Rs 50,000 to Rs 100,000 worth of transported goods

Truckers find ways to game the system as bribes, detours increase transporters' cost and travel time

So far, 17 states/Union Territories have made e-way bill mandatory for intra-state movement of goods

The GoM discussed two models for simplification of returns and also devised a third "fusion model" taking the best features of the two models

Truckers are neutralising this fall in dispatches through higher loading of agricultural produce, with early harvesting in this rabi season

The validity of e-way bill is one day up to 100 km, with some exceptions

The GST Council, earlier this month, decided on a staggered rollout of the e-way bill starting with inter-state from April 1 and intra-state from April 15

To be adapted for inter-state movement of goods worth over Rs 50,000

Sushil Kumar Modi said requirement for intra-state movement of goods of more than Rs 50,000 value would be introduced in phases

The e-way bill deadline had looked challenging even when it was decided in December

A trader opting to discharge GST liability under the composition scheme will not be eligible to claim input tax credit of GST paid on inward supplies

Move learnt to have been effected after businesses faced disruptions, with the portal stopping around noon, causing widespread confusion and hassle

E-way bills will help central and state tax authorities track inter-state and intra-state movement of goods that are part of consignments of Rs 50,000 or more