GST rules set to be simplified further

Source: LiveMint.com, Feb 19, 2018

Federal indirect tax body Goods and Services Tax (GST) Council is set to revamp the return filing process and further liberalize rules to make compliance easier for taxpayers and boost government revenues.

A meeting of central and state government officials in the capital on 27 February will give final shape to the proposal before the council takes it up on 1 March for approval, a person familiar with the development said on condition of anonymity. The 26th meeting of the council will be held through a video conference.

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Centre working to make glitch-free e-way bill take off in 2-3 months

Source: The Hindu Business Line, Feb 06, 2018

New Delhi: The e-way bill under the Goods and Services Tax (GST), a mechanism to avert tax evasion on inter-State movement of goods, is likely to be re-notified in two to three months once the technical glitches are addressed.

Further, to ensure that IT problems do not hold up the system in future, the government is looking at an alternative option that can be used by businesses if they are unable to generate the e-way bill, which is an online ticket for movement of goods over ₹50,000 for distances over 10 km.

“A final date for making the e-way bill mandatory will be notified once the problems are sorted out and further tests are carried out,” said an official.

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GST: E-way bill system becomes mandatory for transporters

Source: Financial Express, Feb 01, 2018

After a fortnight of trial run, the crucial anti-evasion measure under the goods and services tax (GST), e-way bill, will become mandatory for transporters across the country from Thursday, 1st Feb. According to a steady-state estimate, 7-8 lakh such bills will be generated daily. Under the e-way bill system, every inter-state movement of goods with a value of over Rs 50,000 and being moved beyond 10 km, the transporter will have to generate an electronic bill on the designated portal. The bill will have the details of consignment, supplier and recipient, which is expected to help the tax department in verifying self-assessed tax returns filed by taxpayers. During the trial period that began from January 16, almost all states had come on board and the system generated 28.4 lakh bills till Tuesday. GST Network, the IT backbone for GST, saw 3.4 lakh e-way bills being generated on Tuesday. Read the rest of this entry »

28.4 lakh e-way bills generated in a fortnight

Source: The Economic Times, Jan 31, 2018

NEW DELHI: A whopping 28.4 lakh e-way bills have been generated by transporters within a fortnight of the beginning of registration. In the 14-day trial period starting January 16, the day when nationwide e-way bill registrations for taxpayers began, 28.4 lakh e-way bills have been generated with 3.4 lakh happening only yesterday.

Under the Goods and Services Tax, inter-state transportation of goods beyond 10 km, with a value of Rs 50,000 and above, will mandatorily require e-way bill from February 1.

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Teething troubles likely in e-way bill roll-out

Source: The Hindu Business Line, Jan 30, 2018

New Delhi: With the voluntary e-way bill mechanism getting underway and several States readying for roll out of e-way bill for intra-State movement, industry players say they expect initial teething challenges as faced during the GST roll-out.

E-way bills are electronic data of receipts generated during transactions between buyers and sellers that involve transporters. They are aimed at doing away with physical checking by State government officials, with an aim to improve efficiency in movement and widen tax revenue by preventing possible under invoicing.

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GST Council rejigs rates of 29 items, 53 services

downloadSource: The Economic Times, Jan 19, 2018

NEW DELHI: India announced a significant revamp of the goods and services tax (GST) framework, including cuts in the rates on 20-litre packaged drinking water, biodiesel, diamonds and precious stones, sugar candies, tailoring services, amusement parks and low-cost housing construction services. The total revenue loss on account of these cuts, which take effect on January 25, is pegged at Rs 1,000-1,200 crore.

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A 3-month relief on cards for traders over pre-GST stocks

Source: Business Standard, Dec 13, 2017

New Delhi: The Department of Consumer Affairs is most likely to extend the deadline for use of stickers to display revised maximum retail price (MRP) on unsold pre-GST stocks for three more months, according to a report.

The deadline now could be extended from December 31, 2017 to March 31, 2018, the Economic Times report said. The recent revamp of GST rates has made life difficult for the traders in carrying old prices.

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