AuFinTax Consultancy

GST is very vast and cannot be covered in single article. So this is the first article on GST regarding the introduction. Please do read my next article for further details: Many of us might want to know basic information about GST and are willing to know about it in detail, well here is a small glimpse of the GST that will help to know about GST, how GST was implemented in India, : What is Goods and Service Tax (GST)? It is a destination based tax on consumption of goods and services.  It is proposed to be levied at all stages right from manufacture up to final consumption with credit of  taxes  paid  at  previous  stages  available  as  setoff.    In  a nutshell, only value addition will be taxed and burden of tax is to be borne by the final consumer Now, the question comes: What exactly is the concept of destination based tax on consumption?   Well the answer is the tax would accrue to the taxin...

E-way bill system is operational from 1st April, 2018 for smoother, swifter & easier inter-state movement of goods. Now the concern is what is E-Way Bill and what are the major things to know about it. How it has made transporter and traders job easier? Well, Here is an complete introduction to the E-Way Bill that you need to know: What is an E-way bill? Now from 1 April 2018, it is mandatory for the person in charge of a conveyance carrying any consignment or Goods etc shall carry the invoice or bill of supply or delivery challan, bill of entry as the case may be and a copy of the e-way bill number generated from the common portal. As per the e-way bill rules, e-way bill is required to be carried along with the goods at the time of transportation, if the value is more than Rs. 50,000/-. Under this circumstance, even if the consumer moves his own his goods he has to get an EWB. He can get the e-way bill generated from the taxpayer or supplier, based on the b...

As per our previous article E-Way Bill: Introduction we have an basic idea of about what is E-Way Bill. But if you are an customer and you are moving your own stuff from one place to another? Or you have a transportation business and you are sending multiple consignments on a single vehicle to be time saving and cost effective. How to Deal with it? Well, all you need to know about is Consolidated E Way Bill. Consolidated e-way bill is a document containing the multiple e-way bills for multiple consignments being carried in one conveyance (goods vehicle). That is, the transporter,carrying multiple consignments of various consignors and consignees in one vehicle can generate and carry one consolidated e-way bill instead of carrying multiple e-way bills for those consignments.  Consolidated EWB is like a trip sheet and it contains details of different EWBs in respect of various consignments being transpor...