E-way bill roll out can speed up delivery of online orders

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E-way bill roll out can speed up delivery of online orders
TIMESOFINDIA.COM | Jun 2, 2018, 11:56 IST

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HIGHLIGHTS
After roll out of e-way bill, transporters now, will not need to visit any tax office or check posts for permits
E-Way bill is a document that a person in charge of carrying goods of over Rs 50,000 in value has to carry
Representative ImageRepresentative Image
NEW DELHI: Starting June 3, the electronic way bill (e-way bill) mechanism for transport of goods will be followed across India.
E-Way bill is a document that a person in charge of carrying goods of over Rs 50,000 in value has to carry. It contains details of origin and destination of goods and the vehicle.
Touted as an anti-evasionary measure, the government hopes that it will help boost tax collections by clamping down on trade that currently happens on cash basis.
However, there exists a common man connect. An average online shopper may expect a shorter delivery time as transporters now, will not need to visit any tax office or check posts for permits.The various permits required for inter-state and intra-state movement of goods take up as much as 16 per cent of the time taken for an online delivery to reach consumers.The government and GST officials will keep their fingers crossed hoping for a seamless roll out of e-way bill.
TOP COMMENT
Corruption may reduce little in this field and little less glitches for transporters.
Lalit Sadhwani
The provision was first introduced on February 1 but its implementation was put on hold after the system developed glitches in generating permits. With several states starting to generate intrastate e-way bills on the portal, the system developed a snag.
Since then, the platform has been made more robust, so that it can handle load of as many as 75 lakh inter-state eway bills daily without any glitch. The system has been designed and developed by National Informatics Centre (NIC).
Get latest news & live updates on the go on your pc with News App. Download The Times of India news app for your device. Read more Business news in English and other languagesEdible oils end mixed on low demandNew Delhi, Jun 2 () The wholesale oils and oilseeds market displayed a mixed trend during the week as select edible oils further went lower owing to slackened demand against adequate stocks position, while a few others edged up on scattered buying from retailers.

Castor oil in the non-edible section, weakened on reduced offtake by consuming industries.

Marketmen said muted demand from vanaspati millers against ample stock position on increased supplies from producing regions mainly kept pressure on select edible oil prices but some enquiries from retailers helped some other edible oils end in the positive zone.

In the national capital, soyabean refined mill delivery (Indore) and soyabean degum (Kandla) oils dropped by Rs 200 each to Rs 7,600 and Rs 7,200 per quintal, respectively.

Palmolein (RBD) and palmolein (Kandla) oils also shed Rs 50 each to Rs 7,250 and Rs 7,300 per quintal, respectively.

Groundnut mill delivery (Gujarat) and mustard expeller (Dadri) oils too declined by Rs 100 and Rs 50 to Rs 8,300 and Rs 7,650 per quintal, respectively.

On the other hand, sesame mill delivery and cottonseed mill delivery (Haryana) oils went up by Rs 100 each to Rs 9,300 and Rs 7,200 per quintal, respectively.

Among non-edible oils, castor oil fell by Rs 200 to Rs 7,200-7,300 per quintal.

However, linseed oil moved in a narrow range in limited deals and pegged at the last level of Rs 8,900 per quintal. (MORE) SUN KPS SBT SBT

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At 94,000 crore, GST collection lower in April
TNN | Jun 2, 2018, 05.15 AM IST

NEW DELHI: Goods and Services Tax (GST) collections were estimated at Rs 94,000 crore in April, higher than their monthly average but lower than the Rs 1 lakh crore mopped up in March.
While the collections are lower than the informal target of Rs 1 lakh crore a month, the government is drawing comfort from what it believes is an improvement in compliance. “The total GST collection for May 2018 (for sales in April) is Rs 94,016 crore, which is higher compared to average monthly collection of Rs 89,885 crore of 2017-18. This reflects better compliance after introduction of e-way bills,” finance secretary Hasmukh Adhia tweeted.
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“As per the experience of last 5 years, the average collection of taxes on goods and services during April is approx 7.1% of the annual taxes as against 11% for March. April is traditionally the month of lowest monthly collection. Going by this past experience of indirect taxes and the robust trend in GDP Growth, the April collection of GST indicates a very promising future for indirect tax revenue,” Adhia said.
Pratik Jain, who leads the indirect tax practice at PwC India said the government can hope for monthly collections of Rs 1 lakh crore soon. With e-way bills, which are electronically generated numbers to track consignments, scheduled to be mandatory for all shipments of over Rs 50,000 from Sunday are expected to help boost numbers further. Currently, all goods for inter-state movement above the threshold need e-way. While most states have moved to e-way bills for intra-state movement, only a handful are left.
“Introduction of e-way bills could be one possible reason for the increased revenue collection... With introduction of other anti-evasion measures like intra-state credit matching, e-way bills, TDS/TCS, etc, these collections should further increase,” said Abhishek Jain, partner at EY.
Up to May 31, the number of returns filed for April was 62.5 lakh, as against 60.5 lakh for March, which also pointed to improved compliance.

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COIMBATORE: A consortium of banks led by State Bank of India (SBI) has moved the Bengaluru bench of the National Company Law Tribunal (NCLT), seeking an investigation into the affairs of some of the companies in the United Breweries (UB) Group. Following this, the tribunal has directed the group not to alienate its assets.
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