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The implementation of GST, has probably been the biggest taxation reforms in independent India. Besides uniting the country under a single tax regime, the roll out of GST has also laid the path for the formalisation of the economy. As per the Economic Survey 2017-18, GST has helped expand the indirect tax base by at least 50 percent. The Survey estimated that of the then 98 lakh GST registrants, 34 lakh were new taxpayers. Since then, the total number of registrants under GST has increased to just over one crore.
The GST Council, in its 26th meeting, has given a go-ahead for rolling out E-way Bill. The E-way Bill mandate will kick-off with inter-state transactions, followed by intra-state movement of goods. Here are three important things to be aware of