E-way bill generation for B2B (business-to-business) transactions will soon be made mandatory for companies with an annual turnover of more than Rs 5 crore, registered under GST. The GST Council headed by Finance Minister Nirmala Sitharaman had decided to implement this e-way bill rule in a phased manner.
Central Board of Indirect Taxes and Customs (CBIC) Chairman Vivek Johri said on Thursday that we have introduced an e-way bill with a very high limit in terms of annual turnover. Soon it will be rolled out on B2B transactions for all taxpayers having an annual turnover of more than Rs 5 crore.
After the implementation of this system, the tax authorities will not be required to tally bills under GST on every B2B transaction. Currently, companies with an annual turnover of more than Rs 20 crore have to generate e-way bills for B2B transactions.
The system will be implemented gradually
In the program of industry body PHDCCI, Johri said that the e-way bill is a revolutionary system. No other country exists that has adopted it. We will also implement this system gradually in a phased manner. He said that the purpose of this process is not to burden the taxpayers with the burden of e-way bills but to make the business easy and transparent.
Businessmen will get a pre-filled return form
He said that in the future the GST system will be developed in such a way that taxpayers get pre-filled tax return forms. That day is not far. I can assure you that we may have a system where we give you (businessmen) all the return forms in such a way that you just have to see them and click on the button and your return will be filed.
The scope of the e-way bill has increased
Under GST, from October 1, 2022, it was made mandatory for companies with an annual turnover of more than Rs 500 crore to generate the e-way bill on B2B transactions.
With effect from January 1, 2021, it has been extended to companies with a turnover of more than Rs 100 crore.
It was implemented on April 1, 2021, for companies with an annual turnover of more than Rs 50 crore.
From April 1, 2022, this arrangement was implemented for companies having a turnover of more than Rs 20 crore.
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