BANKING AFFAIRS

Detailed explanation-1: -The e-way bill provisions in respect of inter-state supplies of goods were implemented PAN India w.e.f 1st April, 2018. The different States had introduced e-way bill for intra-State movement of goods at different times. However, all States have introduced the e-way bill latest from 16th June 2018.

Detailed explanation-2: -E-way bill is to be generated by the consignor or consignee himself if the transportation is being done in own/hired conveyance or by railways by air or by Vessel. If the goods are handed over to a transporter for transportation by road, E-way bill is to be generated by the Transporter.

Detailed explanation-3: -The Central Goods and Services Tax bill, Integrated Goods and Services Tax bill, Union Territories (without legislature) Goods and Services Tax bill and Goods and Services Tax (Compensation to States) bill have been passed by the Lok Sabha on 29.03.2017 and by the Rajya Sabha on 06.04.2017.

Detailed explanation-4: -Registered Person – Eway bill must be generated when there is a movement of goods of more than Rs 50, 000 in value to or from a registered person. A Registered person or the transporter may choose to generate and carry eway bill even if the value of goods is less than Rs 50, 000.