Super Quick Revision CA Inter GST - Accounts & Records; E-way Bill by CA Arpita Tulsyan | May/Nov24

Super Quick Revision CA Inter GST - Accounts & Records; E-way Bill

This video provides a quick revision of Accounts & Records and E-way Bill (EWB) for CA Inter GST exams.

Key Points:

Accounts & Records:
• Maintain records for GST assessment (CGST Act Sections 35, 36).
• Specific requirements for different taxpayer types.
• Can be manual or electronic.
E-way Bill (EWB):
• Mandatory for interstate movement of goods greater than ₹50,000
(and some intrastate movements).
• Generated electronically.
• Two parts: supplier/recipient (Part A) and transporter (Part B).
• Valid for 15 days.
• Exceptions for Part B filling under specific conditions.
• EWB is valid only after both parts are filled.
Updates and Exceptions:
• Update Part B for transporter/vehicle changes, not a new EWB.
• Update Part B for mode changes in multimodal transport.
• Assign old EWB to a new transporter with updated Part B.
• Consolidated EWB (optional for transporters) has no legal validity.
• Validity based on distance with extensions in exceptional cases.
Acceptance, Rejection, and Exemptions:
• Accept/reject EWB within 72 hours of Part A availability.
• Deemed accepted if no action is taken.
• Exemptions for specific goods, transport types, and as per state notifications.
Documentation and Verification:
• Carry tax invoice, bill of supply, or delivery challan with EWB.
• Exceptions for alternative documentation in specific cases.
Enforcement and Penalties:
• RFID-equipped vehicles may pass inspection points.
• Penalties for tax evasion or non-compliance.
• Defaulting suppliers may be blocked from generating EWB.

Timestamps:

00:11: Maintaining accounts and records under GST law is crucial for self-assessment and tax payment. In this chapter, we'll delve into two main aspects: accounts and records, and e-waybills.
01:12: Sections 35 and 36 of the CGST mandate that every registered individual maintains accounts and records at their business premises. It's essential to keep track of stock details as well.
03:26: With the concept of multiple supplies, maintaining books at additional places of business becomes pertinent. We'll explore provisions regarding principal and auctioneer relationships, along with the necessity of stock details.
06:37: E-waybills serve as electronic documents for goods valued over Rs. 50,000 during transit. Let's discuss their generation process, acceptance, validity, and exemptions.
23:40: Concluding, it's imperative to stress the significance of maintaining accounts, records, and e-waybills for GST compliance. Failure to do so may have repercussions, including providing passwords to GST officers upon request.

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