Delhi raises GST e-way bill threshold limit
PrintListen to this Article
States are legally allowed to amend these rules and also give item-wise exemptions from e-way bill requirements, subject to ceilings. However, tax practitioners said the move could create confusion among taxpayers and make compliance more complex for businesses having consumer bases in multiple states.
FMCG companies, white-goods manufacturers and auto companies will bear the brunt if more states follow suit and digress from the e-way bill norms approved by the GST Council. The tacit understanding at the council is that such digressions are best be avoided. Sources said Tamil Nadu and West Bengal have notified state-specific exemptions.
The E-way bill mechanism mandates that supplier or recipient of good worth over Rs 50,000 inform the GST Network about details of movement of such merchandise. The system would allow the government to detect under-reporting of sales in business-to-consumer transactions, and is estimated to shore up monthly GST revenue by as much as Rs 10,000 crore.
E-way bill rules came into effect on April 1 for inter-state movement of merchandise.#casansaar (Source - Financial Express)
Category : GST | Comments : 0 | Hits : 608
TEST
Dear Taxpayers, 1. GSTN is pleased to inform that an enhanced version of the GST portal would be launched on 3rd May 2024. The effort is to improve user experience and ensure that the information you need is accessible and easy to navigate. 2. Key Enhancements Include (PDF with screenshots attached): i. News and Updates Section: We have introduced a dedicated tab for all news and updates. This section now includes a bet...
The Supreme Court on Friday issued notices to the central government, the Central Board of Indirect Taxes and Customs (CBIC), the Goods and Services (GST) Council and the National Anti-Profiteering Authority (its functions have been taken over by the Competition Commission of India) on a petition challenging a Delhi High Court verdict, upholding the constitutional validity of anti-profiteering provisions filed by a real estate company. The petition, filed by Swati Realty, says the high court ...
The delectable Malabar Parota will taste even better with the Kerala High Court ruling that the popular flatbread will attract GST at 5 per cent and not 18 per cent. With this the court has turned down order by the State’s Authority of Advance Ruling (AAR) and Appellate Authority for Advance Ruling (AAAR). Disposing a petition by Kochi-based Modern Food Enterprises, a single judge bench of Justice Dinesh Kumar Singh said if key inputs (cereals, flour, starch, etc) and preparations are s...
A businessman from Delhi was taken into custody by the Noida police for his alleged involvement in a massive Rs 15,000 crore GST fraud that was exposed last year, TOI reported. Tushar Gupta, aged 39 and residing in Tilak Nagar, was arrested as the 33rd suspect in this case. The police revealed that Gupta had exploited input tax credit (ITC) using 35 fake companies, resulting in a loss of Rs 24 crore to the exchequer over the past two years. He was reportedly part of a syndicate that utiliz...
Comments