With the introduction of the GST, the taxation in India has seen radical changes. With compliance with GST having been made compulsory, a lot of people have been confused about how to understand and grasp the concept of GST fully.
Because of all the changes that have been introduced to the GST bill since its inception, people have mostly been confused about that as well. But with the introduction of the E-way Bill and the compulsion of businessmen to file such an E-way bill, all that has been made comparatively simpler.
It will not only help you understand the ramifications of the GST but also help you maintain compliance with the GST bill.
The E-way bill is a simple bill that declares on behalf of the business owner the exact quantity or amount of goods (or services, as the case may be) have been moved. This helps tax officers keep track of all the transactions that a business or a company has handled. If they see that a GST bill has not been filed concerning certain transactions, it becomes easier for them to issue a notice to the defaulters asking why such a tax return was not filed.
The E-way bill also makes it a lot easier for business owners to keep track of their transactions, and make sure there is no error in their accounts at the time of filing for GST returns. The E-way bill makes use of information technology to make the declaration of transaction simpler and more fool-proof so that it cannot be fabricated by malicious vendors or businessmen, who might want to not comply with the GST for their gain.
The E-way bill is a very simple and effective way of fighting against that.
A lot of people have been worried that the introduction of the E-way bill may result in every single vehicle being stopped and checked to see if they were being accompanied by an E-way bill but that is not true.
It has been said that only initially after the implementation of this bill a few vehicles may be stopped, not only to check for the bill but also to spread awareness about this new law and to educate the masses. With the time that will also cease and business owners can simply move their goods after filing the e-way bill.
So, finally day has come, when E-way Bill gets implemented from Feb 1, 2018. What are your opinions about it? Still confused, looking for consultancy or support, we are right here – visit www.rajlaxmiworld.com and email us at email@example.com