What is E-way Bill?
E- Way Bill is an electronically generated bill with a unique number. E-way is allotted to a specific shipment from vendor whose shipment value is more than 50,000 INR. E- Way Bill needs to be generated before the shipment starts its journey from the source. This E-Way is made mandatory by the government & is now mandatory by 1st of April 2018. The E-Way bill now needs to be carried by the person in charge of the shipment for checking and verification purpose during the transportation.
Basic and mandatory fields in the E- Way Bill contains GSTIN of the recipient/ Place of delivery/ Invoice Number/ Quantity/ Invoice date/ Value of goods/ HSN number/Purpose of Transport/ Vehicle Number and many more.
Why E-way is Important?
There are certain points which are important for E-way bill they are as under:
- E- Way Bill for movement of the goods across the country
- To prevent evasion of Tax
- Hassle Free movement of goods
- Tracking the movement of goods with e- way number.
There are certain benefits of E-way regulation they are as under:
- The traders need not visit tax offices to collect and submit the Way Bill forms as used to be done in VAT regimes in some states..
- Self-policing by traders. A trader while uploading gives the identification of the buying trader who will also account the transaction automatically.
- Generation of GSTR-1 returns – GSTR-1 return of the supplier is auto prepared, hence he need not have to upload the same.
- Officials saved of monotonous work collecting and matching the manual way bill with the returns of the taxpayers.
Generate E way bill
Every person who is involve in the shipment procedure.He should have their own GSTIN number to enroll in E- Way Bill system.
- By Using SMS
- By Using Internet