Published: Sat, March 10, 2018
Business | By Kate Woods

No e-way bill for consignments below Rs 50k

No e-way bill for consignments below Rs 50k

Jaitley also said the Council has discussed two alternate ways of return filing processes.

"Intra-state e-Way Bill will be rolled out in the phased manner with four groups of states".

Jaitley said from April 1, e-way will be implemented for inter-state transportation of goods.

The all-powerful GST Council on Saturday chose to rollout the requirement of carrying an electronically generated bill for transporting goods between states from April 1 but failed to arrive at a consensus on simplification of tax returning filing procedure for businesses.

More news: Democratic surge in Texas primaries gives Republicans reason to worry

"Tax bureaucracy felt that simplification should not provide room for evasion.No conclusive decision on return filing was taken".

Under GST, the process and procedural aspects for the movement of goods are prescribed in the E-way bill rules.

Saloni Roy, a senior director of Deloitte India, said, "The proposal of introducing intra-state e-way bills in a staggered manner is a more pragmatic approach". The Group of Ministers (GoM) headed by Bihar Finance Minister Sushil Modi will be interacting with IT experts on how the tax return filing system under GST can be simplified. "In the meantime, a Group of Ministers will look into the modalities of its implementation to ensure that no inconvenience is caused to the trade and industry", an official statement said. With the implementation of the new indirect tax system from July 1, exporters had to pay the duties first, while importing the raw material and seek refund after the finished good is exported. "The view was that it should be further simplified", he said.

The Council also suspended till June 30 the provision for tax deduction at source (TDS) and tax collection at source (TCS), as well as implementation of the reverse charge mechanism.

More news: Amazon's m-cap primed to be larger than Apple

The 26th meeting of GST Council failed to arrive at a consensus on the simplification of the return process and deferred a decision to the next meeting.

Hopefully, the new system will be implemented in next 3 months though the summary return may continue even after that for sometime.

"The indication that the decision on returns would be taken after consultation with tax experts and others (presumably industry bodies) is a welcome indication".

"As regards e-Way bill, it is to be hoped that the roll-out will be preceded by extensive testing and validation so that the earlier glitches do not recur", he added.

More news: India out of Azlan hockey after loss to Ireland

Like this: