Companies that Earn More Than $5 Crores May be Required to Generate e-way Bill

Soon such a system can be implemented in the country in which companies earning more than five crores will have to generate e-way Bill. Companies with Annual Turnover of more than Rs 5 crore registered under GST may soon be made mandatory to generate e-way bill for business-to-business transactions.

The Goods and Service Tax GST Council headed by Finance Minister Nirmala Sitharaman had decided to implement this e-way bill rule in a phased manner. Giving information on Thursday, the Central Board of Indirect Taxes and Customs (CBIC) Chairman Vivek Johri said that we have introduced e-way bill with a very high limit according to the annual turnover.

Soon it will be rolled out on B2B transactions for all taxpayers having an annual turnover of more than Rs 5 crore. After the implementation of this system, the tax authorities will not need to tally bills under GST on every B2B transaction. Currently, companies with an annual turnover of more than Rs 20 crore have to generate e-way bill for B2B transactions.