The Goods and services tax ( GST) will soon be implemented and there is a hype surrounding it. According to estimates GST is likely to add nearly 2% growth to India’s annual GDP. This will truly have a tremendous effect on the growth. Also, if sources are to be believed, GST will make transporting more efficient. As per the rule, all lorry crane transportation services moving goods worth more than Rs. 50,000 within or outside a state will have to secure an e-way bill before the dispatch of the consignment.
To generate the e-way bill, the supplier and transporter will have to upload the details on the Goods and Services Tax Network (GSTN). Once the e-way bill is generated, a unique e-way bill number (EBN) will be made available to the recipient, supplier and the transporter. Continue reading Decoding GST for Small Transport Business