KSA Infomatrix

“E-way bills are getting generated successfully, and till May 23, more than five crore and thirty lakh e-way bills have been successfully generated which include more than one crore and sixty lakh e-way bills for intra-state movement of goods,” the government said in a statement. The government will introduce intra-state e-way bill for two states and five Union Territories (UTs) from Friday. The remaining states — Chhattisgarh, Goa, J&K, Mizoram, Odisha, Punjab, Tamil Nadu and Delhi — would be brought in the system from June 3 to cover the entire country. The states and UTs being brought into the system for intra-state e-way bills include Maharashtra, Manipur, Andaman & Nicobar Islands, Chandigarh, Dadra & Nagar Haveli, Daman & Diu and Lakshadweep. E-way bills is a mechanism to track cargo movements across as well as within state borders if the consignment is worth over Rs 50,000. The system is expected to plug revenue leakages, especially in business-to-consu...

New Return System All taxpayers except composition dealers and dealers having nil transactions shall file monthly returns and the due dates for filing the said returns shall be based on the turnover of the registered person. Composition dealers and dealers having nil transaction shall have facility to file quarterly return. There shall be unidirectional flow of invoices to be uploaded by the seller during the month. The invoices uploaded by the seller will be a valid document to avail input tax credit. There shall not be any need to upload the purchase invoices. However, the buyer would be able to continuously see the uploaded invoices during the month. It is to be noted that B2B dealers will have to fill invoice-wise details (containing HSN at 4-digit level) of the outward supply made by them wherein tax liability shall be automatically calculated by the system. The input tax credit will be calculated automatically by the system based on invoices uploaded by the sellers. Wh...