The Central Government has made major changes in the GST rules (GST Rule Change) . Businesses with a turnover of more than Rs 5 crore will not be able to issue e-way bills for all business transactions without providing e-invoice from March 1. According to the rules of Goods and Services Tax (GST), traders require an e-way bill to move goods worth more than Rs 50,000 from one state to another. The new rule will come into effect from March 1, 2024.
National Informatics Center (NIC) has said that this rule will be applicable only for taxpayers eligible for e-challan. NIC has clarified that e-challan will not be required to generate e-way bills for customers and other types of transactions. In such a situation, these e-way bills will continue to be issued as before. The government has changed the rules to bring transparency in tax payment.
Therefore, the rule has been changed.
NIC, based on the analysis, has found that some eligible taxpayers for e-invoice are generating e-way bills for B2B (firm to firm) and B2E (companies to exporters) transactions without linking them to e-invoice. Making it. In some of these cases, the challan details recorded separately under e-way bill and e-challan are not matching in some parameters. Due to this, there is no matching between e-way bill and e-challan details.
That is why now NIC has told GST taxpayers that to avoid such situations, they will not be allowed to generate e-way bills without e-challan details from March 1, 2024. This e-invoice is applicable for competent taxpayers and transactions related to supplies under trade and export.
GST collection last month was Rs 1.64 lakh crore.
The total GST collection in the last month i.e. December 2023 was Rs 1.64 lakh crore. There was a 10 percent increase in GST collection on annual basis. The special thing is that December is the seventh month of this year in which GST collection of more than Rs 1.60 lakh crore has been done. The increasing figures of GST clearly show that industrial and business activities are increasing rapidly in the country.
