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.
'PM Modi has nothing to show except cursing Congress', Kharge told full form of NDA
Accusing Prime Minister Narendra Modi of tampering with the facts and making unrestrained comment
Prime Minister Narendra Modi reached BJP headquarters on Friday after the historic Women's Reserv
Based on the brilliant innings of captain Shubman Gill (90) and Sai Sudarshan (52), Gujarat Titan
SAFF: India's Jackson Singh used Manipur's flag to celebrate becoming champion
Team India has won the title of the SAFF Championship. India defeated Kuwait 5-4 in the penalty s
Arshad, a resident of Islam Nagar, Tehri Bagiya, Kuberpur, Agra, along with his father Badar, kil
Colombo Indian captain Rohit Sharma said after the tremendous victory over Sri Lanka in the final
India helped maintain political stability in Bangladesh, Hasina's minister told how
A Bangladesh minister believes that India has helped maintain political stability in his country.
Petrol Diesel Price: Oil companies have released the prices of petrol and diesel for today. Today
De De Pyaar De 2: Ajay-Rakul pair to reunite in 'De De Pyaar De 2', big update on the shooting
Ajay Devgan is ready to entertain the audience with more than one film this year. Just a few days
After the defeat in the World Test Championship final against Australia, Indian captain Rohit Sha
