Updated By: LatestGKGS Desk
E-way Bill: Features, Objective, Purpose, Impact on GST revenue collection
E-way Bill under GST: Introduction, Features, Objective, Implementation Purpose, Impact on GST revenue collection
E-way bill is an electronically generated online token which will be mandatory to generate for the movement of goods of more than Rs 50,000, form one pace to another whether inter-state or intra-state.
According to GST Council (Goods and Service Tax), the implementation of E-way bill system will be mandatory across the country from 1st February 2018 for inter-state and from 1st June 2018 for intra-state transportation of goods.
Under GST regime, the new E-Way bill system will replace the old physical documentation process of VAT regime (Value Added Tax).
As per Indian Tax officials, since the inception of GST on 1st July 2018, it has been noticed nationwide some business concealed with a tax break and new indirect tax revenue collection stumbled in recent few months. So, as to confront businesses GST avoidance, E-way bill is the perfect way to get them into the system.
The Government of India believes that GST collections will get a rise by 20-25 % after the introduction of E-way bills.
