The GST Council is expected to rollout the e-way bill under the recently introduced GST command. The powerful council managed by the Finance Minister “Arun Jaitley” will apparently look into the early execution of the e-way bill, together with the methods to verify tax evasion when it assembles today through video conferencing.
In the 22nd GST Council meeting held on a monthly basis, the minister, Jaitley had stated that the e-way bill will be rolled out across the nation in a ‘spread out’ method from the 1st of January, 2018. He also added that this manuscript will be made obligatory by 1st of April, 2018.
The necessity to evaluation the rollout plan of e-way bill transpires from the turn down in GST revenue for the month of October, which chops down by almost Rs 12,000 as compared to the previous month. The government of India acquired near about 83,346 crore of amount from the Goods and Service Tax in the month of October. This amount is the lowest since the tax level on July 1, but the tax pulling figures for the month of September were Rs 95,131 crore.
Additionally, yesterday, the minister also commented that the “Goods and Service Tax” Council has perfectly geared up with the plan regarding the e-way bill in order to verify the tax evasion.
He stated that “I think Council has already taken decision with regard to time schedule, with regard to e-way bill itself. That will help in enhancing collection,”
An e-way bill is necessary for transportation of goods with the value of over Rs 50,000. Under the goods and service tax rule, the transporters will have to acquire the e-way bill through the tax network portal at the time of moving consignment with the value of over Rs 50,000.
No matter the goods need to be delivered within or outside a state, this document will be mandatory to generate. Necessities concerning the e-way bill were planned in August 2017. The purpose is to modernize goods transportation around as well as inside borders of a particular state together with keeping a track of inter- & intra-state goods transport for the purpose of taxation.
For generating an e-way bill, the contractor, as well as the shipper, will require filling the details of the haul in goods and service network portal. By this, a unique e-way bill number will be created and this number will be given to the goods supplier, receiver and transporter. This electronically generated bill will be considered valid for the duration of 15 days.