Skip to main content

E-way bill under GST


                  
 Following topics, we will discuss inthis blog (GST Registration)
ü What is an E-way bill under GST
ü Who should generate E-way bill under GST
ü Time of issue E-way bill
ü Advantage and disadvantage of E-way bill under GST
ü  How to generate e-way bill under GST

What is an e-way bill under GST?
E-Way Bill is the short form of Electronic Way Bill and this document is a unique document or bill, which is electronically generated for the specific movement/consignment of goods from one place to another place, either intra-state or inter-state and of value more than INR 50,000, required under the current GST regime.
According to the latest update on 23rd Mar 2018, Generation of the e-Way Bill under GST has been made compulsory from 1st April 2018.
                                                                                                                                          
Who should generate an e-Way Bill under GST?

E-way Bill is needed to be generated prior commencement of movement of Goods, when the two conditions are satisfied which is supply is an interstate supply, and value of Goods in an individual consignment exceeds Rs. 50000.

GST Registered Person:

When a person registered under GST, causes the movement of goods/consignment, either in the capacity of a consignee (i.e., buyer) or consignor (i.e., seller) in his/her vehicle & a person causes the movement of goods and hands these over to the transporter for transportation by road, but the e-Way Bill under GST has not been generated, then it is the transporter who needs to generate the bill.
Time of issue e-way bill:
Ideally, e-Way Bill should be generated before the commencement of movement of goods above the value of INR 50,000 (either individual invoice or consolidated invoice of multiple consignments). The movement of goods will be either about a supply/ reasons other than supply (like return)/ inward supply from an unregistered person.
For purposes of an e-Way Bill, supply is considered either a payment in the course of business/ a payment which may not be in the course of business/ no consideration of payment (in the case of barter/ exchange).
Latest update as on 23rd Mar 2018
the transporters need not generate the Eway bill (as Form EWB-01 or EWB-02) where all the consignments in the conveyance, single Document is less than or equal to Rs 50,000 but all documents put together) exceeds Rs 50,000.

Advantage and disadvantage of E-way bill under GST
The first advantage of the e-way bill under GST is less documentation in which all the exiting state-wise documentation required for the movement of goods will never again is required. Another benefit that is available for the transporters is the establishment of RFID device in the vehicle used to transport consignment on a regular premise.
The 2nd advantage of the e-way bill under GST is efficient transportation It would increase the efficient & speed of transportation.
In India, a truck covers an annual average distance of around 85 thousand km as compared to 1.5 lakh to 2.5 lakh km in developed countries which pose a clear indication that our transportation systems need some reforms. E-way would help to reform the industry.
User-friendly e-way bill system: - E-way bill systems & portal is very user-friendly and easy. Even dealers can easily self-download the e-way bill.

How to Generate e-Way Bills under GST

E-Way Bills are generated either via online e-way bill system or SMS and the bill has to be generated prior to the start of the movement of goods.











Labels:

Comments

Post a Comment

Popular posts from this blog

Composition Scheme under GST

                                     Following topics, we will discuss in this blog (GST Registration) ü   What is composition scheme under GST ü   What are the benefits of composition scheme under GST ü   Who can opt for Composition Scheme under GST ü   How can a taxpayer opt for composition scheme? Composition Scheme under GST: According to the section 10 of the Goods and Service tax law contains the provision with respect to the registration of a taxpayer under composition scheme and the basic principle underlying the composition scheme under GST is to reduce the burden of compliance for small taxpayers. There are nearly 8 million taxpayers they may be migrated from the current laws into the GST regime. In India there are many taxpayers and they will have a limited turnover and may not have the requisite resources & expertise to comply with al...
Post a Comment
Read more

GST Penalties

                            What is Goods and Service tax Penalties? Good And Service Tax or GST: In India, it is the biggest applicable all over the country (except J&k and it are also referred to as “One Nation One Tax” and a single product are taxed and it will be the same rate in every corner of the country but not in Jammu & Kashmir this system under. Being a destination based, transaction wise tax, Goods and Services Tax or GST, ropes in strict compliance procedures for all the taxpayers or people falling under the gamut of the same. To have a crystal clear movement of goods intra-state or inter-state, reduce corruption and efficient tax collection system, GST defines strict penalty rules and offenses guidelines, which the taxpayers have to follow. There are twenty-one (21) set offenses have been identified under the GST regime. There is one more offense which can be penalized that of ...
Post a Comment
Read more

GST Notifications, GST Announcements,

There was a lot of outrage recently over two different issues. First was a reduction in monthly GST collection in February 2019 and second was an aspersion over economic growth data. Both these aspersions raised the question of the veracity of economic growth and “vikas” claimed by Prime Minister Narendra Modi. All concerns and aspersions raised may not be fully addressed and some of those concerns on economic growth could possibly be fair and relevant. However, we need a detailed discussion on average daily GST collection data to understand one dimension of economic growth and verify whether the economy is on the right track. Indirect tax collection is a direct indicator of economic activity and a tangible measure of growth. Tax collection data also presents a real understanding of how nominal the economy has grown. Tax collection is a direct reflection of an increase in business activity – be it investment or consumption. On the investment part, with an increase in the pur...
Post a Comment
Read more