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.
Delhi Police clashed late on Wednesday night with wrestlers sitting on a dharna over the arrest o
Russian troops attacked Ukraine on 24 February 2022. Vladimir Putin's objective behind this was o
Sushant Singh Rajput had a huge fan following in Bollywood. On June 14, 2020, Sushant's body was
Surya's brand value increased by 200%: Rs 70 lakh per day fee, can sign 10 deals
The brand value of Indian batsman Surya Kumar Yadav, who is batting brilliantly in the T20 World
The speed of corona infection in the country is continuously decreasing. For the past few days, t
India-America Relations: America has expressed the hope that in the year 2023 there will be more
Uttar Pradesh Chief Minister Yogi Adityanath assured that people of all religions are safe in the
Amitabh turns 80: 104-degree fever came from the success of Chain: When Amitabh got into debt, he...
Big B is...Angry Youngman...Shahenshah...Don...Star of the Millennium. There are many such names
Arvind Kejriwal on Free Scheme: Delhi Chief Minister Arvind Kejriwal has given a big statement ab
Border Security Force (BSF) personnel have arrested a Bangladeshi from Amritsar in Punjab. This B
