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Recently on 1st April 2019, the GST e-way bill turns 1 year older as it was implemented a year ago. In this new financial year 2019-20 which brought multiple changes in rules, also made easier for transporters while generating the bill.
Recently, the goods and service tax (GST) authorities are seen in a hyperactive mood tightening their reigns on the taxpayers, who are found guilty of not paying their tax dues.
The new financial year brings along new rules and regulations like new alterations regarding Aadhar cards, GST, etc but there is no compulsion for fresh invoice number with the beginning of the new financial year. Rule 46 of the CGST Act does not bind any taxpayer to start a new invoice series for the new financial year, and they can continue from where they left by the end of the last financial year.
GST 2.0 regime is a new advancement in GST taxation. It is assured for a single, moderate, standard rate of tax by the Congress, which would be covering all goods and services.
GST council had already finalized the decisions regarding the alteration in the GST rates on real estate to 1% & 5% for affordable houses and other under construction properties respectively.
After a steep downfall in GST Revenue collection in the month of February 2019, March has raised a flag to fetch an honour for the GST department and the Government as well by making a record collection in terms of revenue collection this month.
The start of the new financial year 2019-20 has also come with slight changes in the income tax and GST rules from April 1. The changes that were announced during the interim budget 2019 will come into effect from April 1, 2019.
The GST authorities have clarified that transfer or change in the ownership of business would happen in the case of death of the sole proprietor and would include the transfer or change in the ownership of a business.
The e-way bill system in the coming time would be enabled to calculate the distance for movement of goods bases the postal PIN codes of the source and destination locations but, there would be a 10% variation allowed.
