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GST UPDATE Validity of E-way bill The E-way bill once generated from the GSTN portal for the movement of goods has a time limit for which it will be valid. The validity of an E-way is discussed as follows: If the distance is less than 100km- 1 Day If the distance is 100 km or more but less than 300km- 3 Days If the distance is 300 km or more but less than 500km- 5 Days If the distance is 500 km or more but less than 1000km- 10 Days If the distance is 1000 km or more- 15 Days
GST UPDATE: What is the penalty of non-filling of E-way Bill ? Is it editable ? Ans.: The penalty of non-filling of E-way Bill is 200% of GST value of invoice. And please note that there is no editing in E-way bill after final submission. What is the validity of E-way Bill? Ans.: The validity of E-way Bill is: #00 to 100 Km. : 01 Days #100 to 300 Km.: 03 Days #300 to 500 Km. : 05 Days #500 to 1000 Km. : 10 Days #More than 10000 km.: 15 Days What is Consolidated E-way Bill? Ans.: consolidated E-way bill is generated when the transporter is carrying multiple consignments in a single vehicle. Consolidated E-Way allows the transporter to carry a single document , instead of a separate document for each consignment in a conveyance. Any Printout of E-way bill need with the Invoice of Goods? Ans.: No Printout need with the Invoice of Goods, show only number of E-way bill in front of Invoice What is the Identity of Goods in E-way Bill? Ans.: The Goods will be identified with the HSN Code shown in E-way Bill What is the limit of fill Part B in E-way Bill? Ans.: If the material Dispatch less than 10Km. through by hand or Rickshaw part B will not be required How Many part file in E-way Bill? Ans.: There are 2 part of E-way bill, it’s A and B. Part A, we have to mention the detail of Goods receiver , items detail and Value of Goods. Part B is a Column of Transporter details such as Transport name, vehicle number, and GR number What Amount is cover under E-Way Bill? Ans.: Material valued up to Rs. 50000/= are not covered under E-way Bill, if the total Value of material who load in a single vehicle more than 50000/= E-way bill will be generated by the Transporter what type of supply is cover under E-Way Bill? Ans.: There are all type of movements of Goods Cover under E-Way Bill. Which Include Rejection, Sale Return, Repair and Maintance and Job Work or material send for Job Work with a Delivery Challan. A approx Value will be there on Delivery Challan of Job work and make a E-way Bill for this Challan Who is responsible for E-way Bill ? Ans.: The responsibility for E-way Bill is of: Ist – The Supplier IInd – The receiver IIIrd – the Registered person if Purchase or sale from a Un-Registered Person/dealer E-Way bill will be implementing from 01-02-2018 in all over India. Some important FAQ of E-Way Bill:
GST regime: Food industry happy at lower levy, but branded wheat players sore The food and meat processing industry on Friday largely welcomed the new tax rates announced at the GST Council meeting in Srinagar, but some of them are concerned about certain GST fitment rates. While foodgrains and raw food items were exempted from tax, most processed products will attract lower taxes than the existing rates. “We will benefit from the decision as ready-to-fry products will attract only 12 per cent, against 14.5 per cent that we pay currently in most South Indian States where we operate, ” says Srinivas Shenoy, a senior official with the ₹300-crore Abad Fisheries Private Limited, in Kochi. In Karnataka, it is even higher at 15.5 per cent, he said. “The fitment of a GST rate of 5 per cent on edible oils as approved is more or less on expected lines. However, a GST rate of 12 per cent on soya bari and 5 per cent on soya flour comes as a disappointment, ” said Dinesh Shahra, Founder and Managing Director of Ruchi Soya Industries Ltd. “We hope that the government will relook at the GST rates on texturised vegetable proteins, commonly known as soya bari, and soya flour and bring them to the tax-exempt category to promote the use of soya protein to prevent and treat protein malnutrition in the country." Soya protein is the least expensive and nutritionally the most valuable and economical protein. Neutral impact The impact of GST rates on farm products such as edible oils, tea and coffee is seen as neutral, with no major impact on the end-prices for consumers, while a zero-tax on unbranded wheat products such as atta, maida and sooji may make them cheaper. “The rates that we now see may not have any major impact on the retail prices of edible oils. For the industry, the GST rates are more or less in line with the expectations, " said Atul Chaturvedi, president, the Solvent Extractors' Association of India (SEA). A 5 per cent GST on branded wheat products could make them marginally expensive as the industry may chose to pass the tax burden to consumers. However, a zero tax on unbranded wheat products could make them cheaper. In the current tax structure, various States have levied a tax of 2-4 per cent on wheat products. “Wheat is a staple food for everybody. It is heartening to know that the government has exempted wheat and unbranded wheat products from GST. But given the consumers’ preference for food safety law-compliant products, such a move will be dampener on the branded players. They will pass on price hikes to consumers, " said AN Gupta, former chairman of Wheat Products Promotion Society. Players in the plantation segment such as tea and coffee said the 5 per cent levy was on expected lines and that it would not have any impact on consumers.
Issues Disclosed: Why 7 States Does Not Want to Pass SGST? As the deadline given by the government to implement the GST is only one month away, there are still 7 states who have not passed State GST bill. Apart from Jammu and Kashmir ruled by the BJP-PDP alliance in these states, states like West Bengal and Tamil Nadu also needs to pass a bill to implement GST in their states. As of now, 24 states and Union Territories have passed the GST Bill while the remaining states are Meghalaya, Punjab, Tamil Nadu, Kerala, Karnataka, Jammu and Kashmir and West Bengal which are still required to pass the State GST (SGST) bill. Going by the ruling, all these states, except for Jammu and Kashmir are non-BJP while the Central Government is fully prepared to implement the Goods and Services Tax, covering 16 different taxes, from July 1. Coming to the soaring conditions of West Bengal, leader Mamata Banerjee, has demanded the central government to avoid deadline for implementing GST law. Speaking on this issue, West Bengal’s Finance Minister Amit Mitra cleared that there are a lot of difficulties in implementing the GST from July 1 as we still do not have the necessary infrastructure to manage the new tax scheme. As of now, GST has been implemented in 200-300 companies of each state as an experiment. But many rules have been changed in May. Coming to the Jammu Kashmir issues, it is being defied by the political leaders which are under pressure from local community to mould the policies accordingly while Meghalaya, Punjab kerala & Karnataka are stuck into the political menace as various issues regarding the feasibility and technological capabilities are still not developed to support the upcoming GST. Now it is up to the Union Finance Minister to decide whether such a major reform should be implemented without any preparation. According to the rules, all the states will have to pass the state GST bill till September 15, 2017, and if in case the state does not pass the bill before the deadline, then the rights of levying taxes will be taken from the particular state.
GST on textile job works cut; e-way bill provisions finalised HIGHLIGHTS GST Council (20th) meeting Update 1. Total Registration- 86 lacs 2. E way bills given in-principle approval a. Limit of 50000 not changed b. Eway bill not to be issued for exempted goods c. Eway bill not to be issued of goods are travelling within 10 km radius 3. Jobwork of all kinds of textiles will be taxed at 5%. Earlier some types of jobwork were taxed at 18% 4. Rates on tractor parts brought down to 18% 5. Government given work contracts like roads bridges canals will now be taxed at 12% with credits. Earlier this was 18%. 6. Anti profiteering mechanism will get kick started by appointing state wise committees For more information Finanza Management Services LLP Kapil@fmsllp.in
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