Way bill on agenda for GST Council meeting tomorrow

GST Council to meet tomorrow discuss roll out of e-way bill

Amid concerns over dip in revenue and tax evasion, the goods and services tax (GST) Council has convened its 24th meeting via videoconferencing on Saturday to discuss the early implementation of e-way bill.

Ferrying goods across states may get quicker as the GST Council today chose to make rollout of all India electronic-way bill compulsory from February 1, two months ahead of the earlier plan.

Last month, tax rates on several items, ranging from chewing gum to chocolates, to beauty products, wigs, and wristwatches, were cut to provide relief to consumers and businesses.

Although the national e-way bill system will be available from January 16, states can choose their own dates earlier than June 1, 2018 for rolling out e-way bill.

"The downfall in the revenue on account of GST, goods crossing the state borders unaccountable by few taxpayers, etc. could be the reasons for the early implementation of e-waybill as this form will forcefully make the taxpayer accountable in the absence of matching of invoices which is now postponed", Ansh Bhargava, Head Growth & Strategy, Taxmann said. Also, October's GST revenue recorded a decline of Rs 12,000 crore from the Rs 95,131 crore collected for the preceding month.

Scripps Networks Interactive (SNI) Getting Somewhat Positive News Coverage, Study Shows
Matthew 25 Management Corp, which manages about $821.26 million and $360.50M US Long portfolio, decreased its stake in Kkr & Co. In related news, Director Jeffrey Sagansky sold 1,077 shares of the business's stock in a transaction on Friday, November 3rd.

Jaitley had said yesterday that the Council has prepared schedule with regard to e-way bill to check evasion.

Archit Gupta founder and CEO ClearTax said: "This will help transporters and sellers understand the requirements and prepare in advance". Restoration of reverse charge mechanism and invoice matching are also expected to come up for discussion in the meeting, they said.

This followed the Union Cabinet decision on Friday to bring in a Bill to replace the Goods and Service Tax (Compensation to States) Ordinance, aiming to compensate states for the loss of revenue due to implementation of GST.

Under GST, movement of goods costing over ₹50,000 beyond 10 km requires prior registration and generation of an e-way bill through the GST Network to track inter- and intra-State movement.

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