Skip to main content

GST hurdle: E way bill put on hold

By
GST hurdle: E way bill put on hold
The government on Thursday deferred the electronic way (eway) bill indefinitely on the first day of countrywide rollout as consignments faced delays.Businesses faced disruptions after the portal stopped functioning from around noon, causing wide spread confusion.
Companies were seen approaching the National Informatics Centre (NIC), which is developing the e-way portal, with a flood of complaints over the past couple of days. “In view of difficulties faced by the trade in generating eway bill due to initial tech glitches, it has been decided to extend the trial phase for generation of e-waybill, both for inter and intrastate movement of goods,´´ GST@GoI, the official government handle, posted on Thursday evening.
The new rollout date will be announced later.The NIC has sought 15 days to fix the problems. E-way bill will help the central and state tax authorities track interstate and intrastate movements of goods that are part of consignments ofRs 500 billion or more.
While the e-way bill system is being developed by the NIC, other IT matters related to the GST are being managed by the GST Network (GSTN), aprivate body.Anadvance of Rs 400millionhas been given to the NIC to implement the eway bill mechanism.
“This is precisely what the industry was concerned about.It is good that the government has been quick to defer it,” said Pratik Jain, partner, PwC India.It should be introduced once the portal is completely tested, according to MS Mani, Partner, Deloitte India.Businesses faced disruptions after the portal stopped functioning around Thursday noon
The Business Standard, New Delhi, 02nd February 2018

Comments

Post a Comment

Popular posts from this blog

Data storage norm splits digital payments industry

By
Data storage norm splits digital payments industry  India’s nascent digital payment industry could be thrown into disarray due to the demand by the Reserve Bank of India (RBI) that all user data be stored within the country, fears an industry grouping, which has termed the decision as “heavy-handed”, even as others, including the country’s largest digital payment provider Paytm, have hailed the move.  In a bid to narrow the growing schism, the industry is planning to send a formal representation to the regulator highlighting its concerns, a top official told ET.  “We are trying to build a consensus on the issue," said the person adding that the representation to the central bank will be ready this week.  RBI on April 6, mandated all payment companies—global and local—to set up data storage facilities within India by October. The stringent six-month deadline has attracted the ire of several sections of the industry that fear it will lead to a disruption of wel...
18 comments
Read more

Offer’s for all of you

By
Great Bumper Dhamaka Offer’s for all of you... It's Time to see your Business Online, WebeCreator Offer Website Designing with domain & Email @ nominal charges. For a year For More information visit us http://goo.gl/KlpppF call on 9890151261/9773197533  drop a mail to sales@webecreator.com
Post a Comment
Read more

Sebi to finalise options in commodities today

By
The Commodity Derivatives Advisory Committee of the Securities and Exchange Board of India ( Sebi) will meet on Friday with senior officials of the latter, to give a final shape to the rules on options trading in commodity futures, beside revising the warehousing norms to ensure good delivery on settlement. The decision taken, after discussing with the advisory committee, will be placed before the regulator’s board, to finalise the regulations. According to knowledgeable sources, three commodities in each segment, agricultural and non- agricultural, have been proposed for introducing options. It appears commodities from the soya and guar segments are preferred in the former. From the non- agri segment, it is likely that gold, silver and crude oil will be finalised. All these These have better liquidity and both the National Commodity and Derivatives Exchange and the Multi Commodity Exchange, respectively, will be able to introduce the options. In the equity segments, options ar...
17 comments
Read more