If you are also a small businessman and your annual turnover is Rs. 5 crore or less, then it is very important for you to read this news because the government is going to implement new rules related to GST from March 1, which will put a tough burden on small businessmen like you. Will have an impact. Let us know what these rules are
New Delhi: The Central Government has made major changes in the compliance rules related to GST. The new rules will affect small businessmen, especially those who do business from one state to another. The new rules are going to be mandatory from March 1.
According to the new GST rules, businessmen whose turnover will be Rs 5 crore or more. Now he will not be able to issue e-way bill without giving e-challan. This will be applicable on all types of their business transactions from March 1. Under the GST tax system, when goods worth more than Rs 50,000 are sent from one state to another, it is necessary to maintain an e-way bill.
What is GST?
GST i.e. Goods and Services Tax is a tax that consumers have to pay while purchasing goods and services like dinner, clothes, electronics, daily essentials, travel tickets etc. This GST is included in the cost of goods and services. This tax is paid by the consumers but it is passed on to the government by the traders of goods and services. Therefore GST is an indirect tax. Whether you pay income tax or not, you definitely pay GST indirectly on the purchase of goods and services.
That’s why the rules were changed-
The Central Government’s National Information Center (NIC) in one of its analysis found that many businessmen are transacting with B2B and B2E taxpayers through e-way bills without linking them with e-invoices. Whereas all these taxpayers are eligible for e-challan. Due to this, in some cases the different information recorded in e-way bill and e-challan is not matching with the standard. Due to this, there is no matching between e-way bill and e-challan statement.
Keeping this in mind, GST taxpayers have been asked not to generate e-way bill without e-challan statement from March 1, 2024. This means that now these businessmen will have to prepare e-challan statement to generate e-way bill. However, it has also been made clear that for other transactions with customers or non-suppliers, the e-way bill will work as before.
Modi government at the center has implemented GST system in the country from July 1, 2017. This system was introduced to consolidate all types of indirect taxes in the country at one place. This made it easier to do business in the country because it changed the different tax systems of different states. To create consensus in GST, the government has also formed a GST Council, whose chairman will be the Finance Minister of the country. On behalf of the states, their finance ministers or their representatives will be part of this council. This is the highest body in the country to take all decisions related to GST.
