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The long-awaited Multi-vehicle option for the e-Way bill has been finally introduced in the GST Portal. An E-way bill is now mandatory for vehicles transporting goods worth more than Rs. 50,000 in value.
The roll-out of E-way bill on April 1st, 2018 was welcomed with backlash from all quarters especially the business community. But the second homecoming of the E-way Bill is a success story that could go a long way in checking tax evaders. Learning from the earlier mistakes, the Government has this time opted for a phase-wise introduction of intrastate E-way Bill.
Starting from 1st June 2018, it will be mandatory for suppliers and transporters performing an intra-state movement of products in Punjab to carry a valid E-way bill.
As per a message recently tweeted by the Ministry of Finance, the net direct tax (income tax, etc) amount collected for the financial year 2017-18 is over Rs 10.03 lakh crore, with a year on year growth of 18%, which is the highest in the past 7 years.
In the latest awake for GST anti-profiteering authority under the goods and services tax, the weavers from Surat, Gujarat are demanding the anti-profiteering provision to be applied as soon as possible.
The Goods and Service Tax or the GST will complete one year on July 1st, 2018. In this period, a number of provisions which were part of the original draft for GST were put on hold at the behest of requests from Industry leaders and experts to reduce the burden of Tax compliance.
In a bid to curb tax evasion, the government has finally decided to take a step ahead in the direction of implementing reverse charge mechanism provision. For this, there will be a meeting of a group of ministers GoM scheduled on 16 April.
Recently Taxpayers were apprised about the new Income Tax Return (ITR) forms for the assessment year 2018-19 by the Central Board of Direct taxes.
The government has asked businesses to enroll for e-way bill ahead of roll-out from April 1 because only 11 lakh businesses and transporters registered for the platform yet.
