Gone are the days when the people were worried about the complexity of the Goods and Services Tax Act. Now the mutual concern of the government, as well as the people, is on making the regime simpler. Although most of the hindrance factors have been resolved, few major developments to be made in the regime still seek a proper attention of the government. The businesses cried their heart out loud when the government announced the roll-out of the e-way billing system. Unexpectedly, the GST Council implemented it as well. But what happened next?
Surprisingly, the portal crashed. And the motive of the government to increase the scrutiny parameters of the Goods and Services Tax Act temporarily failed. And following the abrupt failure in the implementation of e-way billing system gifted you one thing that is most precious in today’s time. Yes, exactly the time. It got you some time to grease your brain and understand the functioning of the e-way billing system. And not only the functioning but also how it will affect your business and entire taxation process. Post-crash of the portal, the e-way billing was kept on hold not for long but for a time period of two months. After we have chewed upon so much about e-way billing, let us first give you a brief on what e-way bill exactly is.
E-way bill
In the process to make the GST bill details more robust, the government planned the addition of e-way billing system in it. E-way bill stands for electronic way billing and it is applied to the transportation of the goods and services from one place to another. If a vehicle is moving anywhere within the range of 50 kilometers, then it will have to get an e-way bill for the consignment at the check-point. Previously, this process was offline and the government had the least record of it. Here’s are the business practices used to adopt fraudulent measures of evasion:
- The transporters would mention less amount of goods and services being carried by them.
- The assigned authority would be bribed by the vehicle driver and the driver would further be allowed to move without even making an entry.
Such practices led to the rise of various shortcomings like:
- The tax revenue collection decreased constantly as there were only a few records of the movement of the goods and services.
- The movement of the banned products like tobacco, drugs, and alcohol also increased because of the absence of a strict audit team.
Witnessing the upsurge of such evasion aiding methods, the government developed the e-way billing system. The e-way billing system is expected to curb all the evasion practices in the transportation sector.
The current status
Although the government has been puzzling the people with the apt implementation of the e-way billing system, it has now announced its launch. The launch date is set to be April 1. After the re-launch of the e-way bill, the act will be applied to the transportation of the goods and services between different states of India. And fasten your seat belts as the implementation of the e-way bill for intrastate movements will be applied fortnightly. Besides the roll-out of the electron way billing system, the government was also supposed to chalk-out a simpler return filing form but hasn’t been able to achieve that target yet. How wonderful would be to have a single-page form for the return filing process? Keep wondering until it gets finalized and rolled-out.
The dynamic role of technology
The technology is the main reason behind the human being keeping their best foot forward for the growth and development. It has been facilitating the entire world with its best in making it a better place to live in. Not even a single thing is untouched by the influence of the technology. Now that the government of India has implemented a complete digital taxation act in the nation, the people’s interest towards GST tool will increase.
And it’s not even all about stuffing the people’s minds with the ABC of technology, but to achieve the end goal of the regime, that is one tax, one nation. So far, in the fight against corruption, the GST bill details is the only thing that could free the nation from the shackles of corruption in the coming time.
Above all
The taxpayers must honestly comply with the regime. And not even the return filing and input tax credit, but new processes like e-way bill and anti-profiteering body should be welcomed with wide arms open. In this way, not only the government will receive higher tax revenues, but the businesses will also grow at a high-rate befitting as a valuable asset for the country’s growth.
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