No electronic bill for goods below ₹1L: Finance min
MUMBAI: The government will increase the Electronic-way (E-way) bill generation criteria for goods from the present limit of ₹50,000 to ₹1 lakh, state finance minister Sudhir Mungantiwar announced on Sunday. Mungantiwar made the announcement on Sunday at an event in Mumbai to celebrate the first anniversary since the regime was implemented.
With this change, goods having a value of less than ₹1 lakh need not have a E-way bill when transported within Maharashtra. The E-way bill is a system where traders are mandated to generate a bill when they have to move their goods within the state or outside.
A year after GST was rolled out on July 1, 2017, the state claimed it has recorded significant growth in collections with a jump in receipts by 28% in 2017-18 compared to the previous financial year. Maharashtra’s revenue collections for the first quarter of 2018-19 have already increased by nearly 40% as compared to the same period last year, officials from the state government’s GST department said.
According to A Shaila, joint commissioner of state tax, the state collected taxes worth ₹1,15,940 crore in financial year 2017-18. Only one quarter of financial year 2017-18 was under the Value Added Tax (VAT) regime before the GST came into force. Shaila added that this year, in the first quarter (between April and June), the state has already collected ₹35,915 crore — a 39.5% jump from last year.
Mungantiwar said the GST regime is to unify the country in a single tax regime to propel India’s economy. He expressed pride that the state continued to be the country’s top contributor in taxes. He said that when the tax regime was being rolled out, there was a sense of “uncertainty.” But a year later, the issues have been ironed out.