GST: Centre relaxes e-way bill deadline, defers restriction of input tax credit

Categories: GST Recent News, News
No Comments

The government has retrospectively extended the validity of e-way bills under the Goods and Services Tax (GST) regime that would have expired between March 20 and April 15 to April 30. Also, in a move that will ease the working capital requirements for businesses, the government has deferred the implementation of 10 per cent restriction on availing input tax credit during February-August, which would then be cumulatively adjusted in September.

With hundreds of trucks getting stranded across the country since March 15, when states started to lock their borders down culminating into a national lockdown announced by the Centre, The Indian Express reported on April 2 about transporters raising concerns over potential penalties arising from expired e-way bills. Truckers were having e-way bills for goods in transit or in god owns, which were getting expired and could not be renewed on due dates.

“… where an e-way bill has been generated under rule 138 of the Central Goods and Services Tax Rules, 2017 and its period of validity expires during the period 20th day of March, 2020 to 15th day of April, 2020, the validity period of such e-way bill shall be deemed to have been extended till the 30th day of April 2020,” the Finance Ministry said in a notification late Friday. The Ministry also notified other compliance-related relaxations, which were announced earlier.

Read More at: https://indianexpress.com/article/business/economy/centre-relaxes-e-way-bill-deadline-defers-restriction-of-input-tax-credit-6347622/

CLOSE
CLOSE