E-Way Bill takes off smoothly in new fiscal: Angel Broking

Views of Mr. Mayuresh Joshi (Fund Manager, Angel Broking):

"Contrary to the chaotic launch of E-Way Bill on previous occasions, the launch on April 01st was a lot smoother, seamless and efficient. While the current E-Way Bill system has the capacity to generate 75 lakh E-Way bills per day, the system saw the seamless issue and processing of around 7.50 lakh E-Way bills in the first two days. As of 02nd April there were nearly 1.12 million taxpayers and over 20,000 transporters registered for the E-Way Bill service.

The E-Way bill is a must for all inter-state movement of goods above the value of Rs.50,000. While Karnataka is the only state to have launched E-Way bills for inter-state and intra-state movement of goods, all the other states will be eventually moving towards intra-state E-Way bills too.

When the GST was launched, the government had put off E-way Bills and matching of buyers and sellers as it would have made the system too complex. E-Way bill will be a strong anti-evasion measure. The electronic record of movement of goods at any point of time will avoid under-invoicing and will push up the GST revenues of the government. The only hitch is that under the E-way bill system, the inspectors will once again have the leeway to inspect goods in transit. It needs to be ensured that in the process of monitoring the E-way bill movement of goods it should not reintroduce the inspector-Raj which the GST was precisely created to overcome."

Source : Equity Bulls

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