In order to provide relief to merchants and transporters in the state, Punjab finance minister has decided to increase the e-way bill exemption limit to Rs 1 lakh from existing Rs 50,000 for intrastate transfer of goods. The decision was revealed by Manpreet Badal during a recent meeting with businessmen in Chandigarh.
The move is expected to benefit over 3 lakh GST registered businesses in the state of Punjab. Businesses are happy with the decision and hopeful that this would help them get back on track after GST-hit.
The news was further confirmed by the Times of India, which received a statement from Badal, “We have enhanced the exemption limit of an intrastate e-way bill from Rs 50,000 to Rs 1,00,000 and also given full exemption to persons doing jobs within the state. These modifications have been carried out on the pattern of Maharashtra and other states which have eased the e-way bill norms.”
The ministry has already started processing the notice regarding the changes, which are most likely to come into effect from this Monday, added Badal.
Apart from taking necessary orders for modification in the existing e-way bill format, the Minister also announced that the government will soon release Rs 50 crore in VAT refunds in order to help the suffering industry get back on its feet, said president of Chamber of Industrial and Trading Entrepreneurs (CITE) Kulwant Singh, who was part of the businessmen delegation. “Badal also said that he will soon issue instructions to the state taxation department for not opening the old assessment cases under VAT which again is a big relief for us,” he added.
Read Also: GST E Way Bill Latest Notification for Interstate and Intrastate Transactions
Surinder Dawar, who is local MLA and an industrialist, said that e-way bill has been causing problems for businesses ever since it was introduced. “Captain Amarinder Singh government is serious about needs of every section. This also shows how promptly our government acts on the grievances of businessmen,” he added.
During his recent meeting with the finance minister, Dawar apprised him of the various problems of businessmen regarding the e-way bill. The minister assured them that the process to increase the e-way bill limit to Rs 1 lakh for interstate movements of goods has been initiated.
The existing e-way bill system requires businesses to create an e-way bill for every transport of goods with the value above Rs 50,000. In case of non-compliance of e-way bill policy, the seller has to pay a penalty of 200% of the invoice GST value.
Note:
- In the recent hike in exemption limit of E Way bill in Punjab from INR 50K to INR 1 Lakh the notification will be notified slightly delayed due to the upcoming Panchayat and Zila Parishad elections on 19th September.
- Even the state finance minister Manpreet Singh Badal has announced the exemption limit from Rs. 50,000 to Rs. 1,00,000 and the cabinet have given the nod, it is still to be applicable in the state after the election procedure finishes.
