Question 1.What is GST? How does it work? Answer : GST is one indirect tax for the whole nation, which will make India one unified common market. GST is a single tax on the supply of goods and services, right from the manufacturer to the consumer. Credits of input taxes paid at each stage will be available in the subsequent stage of value addition, which makes GST essentially a tax only on value addition at each stage. The final consumer will thus bear only the GST charged by the last dealer in the supply chain, with set-off benefits at all the previous stages. Question 2. What are the benefits of GST? Answer :The benefits of GST can be summarized as under: · For business and industry o Easy compliance : A robust and comprehensive IT system would be the foundation of the GST regime in India. Therefore, all tax payer services such as registrations, returns, payments, etc. would be avai...
E-Way Bill will be required for movement of all goods whether *within the state or across states*. E-way bills is even required for transport of *goods outside the GST ambit*, for example, exempt goods like agricultural products The entire process requires the participation of Supplier, Transporter and Recipient. For transport of goods exceeding *Rs 50,000* in Value- – Suppliers are needed to upload their details on GSTN portal. – Transporter (In the case of Third Party Transport Company) will upload further details to create a final e-way bill. This e-way bill is to be carried along with the goods that are being transported. Upon generation of the e-way bill on the GSTN portal, a unique e-way bill number (EBN) shall be made available to the supplier, the transporter and the recipient of goods. – *Recipient of the goods*- if a registered entity under GST, has to communicate its acceptance or rejection of the consignment covered by the e-way bill, *within 72 hours of th...