E-way bill: GST Council CAIT demands deferring of e-way Bill from February to April 1 Starting February 1, 2018, all interstate movement of goods will be tracked with the introduction of the e-way bill system under the Goods and Services Tax regime, the GST Council decided at its 24th meeting on Saturday.
E-way bill: GST Council CAIT demands deferring of e-way Bill from February to April 1
The nationwide e-way bill system will be rolled out on a trial basis from January 16, allowing traders and transporters to voluntarily test it out for a fortnight before it becomes compulsory. As for intra-state movement of goods, States have been given time till June 1, 2018, to implement the e-way bill system, so a fully integrated tracking system for all taxable goods can be expected only then.
The Council’s decisions at Saturday’s meeting, held via video-conference, assumes significance in the light of some State finance ministers expressing concerns about revenue shortfalls under the new indirect tax system.
Pressing intervention
After healthy collections in the first three months, tax receipts in October had dipped by about 10% compared with September. Finance Minister Arun Jaitley had said on Thursday that the introduction of the e-way bill system would help prop up revenue collections, hinting it would enable the government to track tax evasion far better. “There are future stages… GST invoice matching, e-way bills… now that’s going to really make sure that evasion becomes all the more difficult,” Mr. Jaitley had said. “The Council has already taken some decision with regard to some time frame for the e-way bills itself. That itself will help in bumping up collections somewhat,” he said at the time.
“Till such time as National e-way bill is ready, the States were authorised to continue their own separate e-way bill systems,” the government said in a statement. “However, it was represented by the trade and transporters that this is causing undue hardship in interstate movement of goods and therefore, bringing in an early all India system of e-way bill has become a necessity,” it said in the statement on the GST Council’s decision.
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E-way bill: GST Council CAIT demands deferring of e-way Bill from February to April 1
Under the Goods and Services Tax (GST) regime, the waybill is replaced by an e-way bill which aims at mitigating the problems caused by waybill compliance.The 24th GST Council Meeting held today through video conferencing under the Chairmanship of the Union Finance Minister,Shri @arunjaitley decides that Inter-State e-way Bill to be made compulsory from 1st of February, 2018;For full details,please Log on: https://t.co/JJQ3gCBARx— Ministry of Finance (@FinMinIndia) December 16, 2017
E-way bill is an electronic way bill for movement of goods which can be generated on the GSTN portal. Movement of goods of more than Rs 50,000 in value cannot be done by a registered person without an e-way bill.
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 24th meeting of the GST Council, held on Saturday through video conferencing under the chairmanship of Finance Minister Arun Jaitley, discussed the implementation of the e-way bill system in the country after reviewing readiness of hardware and software for its launch, the statement said.