All About GST E-Way Bill
GST, a topic that has already grabbed the attention of the entire nation has off lately been once again in a discussion by passing another bill under its agreement; the E-way Bill. The traditional waybill has been in the picture for quite some time but the new E-waybill system is definitely a powerful system tool to curb tax evasion across the country. To put it in simple terms,” E-Waybill is an electronically generated bill for the movements of goods from one place to another. It is a statutory document created at the GST Portal by registered Sellers, Buyers or Transporters whose business involves the transportation of goods on a regular basis. E-way bill can also be generated or cancelled through SMS, Android App and by Site-to-Site Integration (through API)
When do you need an E-way bill?
When there is a movement of goods valued over 50,000 INR (either individual invoice or aggregate of all invoices) in relation to inward/outward supply, the return of goods, or exchange of goods (Barter).
Who can generate an E-Way Bill?
- Suppliers
- Receiver
- Transporter
What is the Validity period of an E- Way Bill?
(Period of validity is to be counted from the time of generation)
- Less than 100 km: 1 Day
- 100 km or more but less than 300 km: 3 Days
- 300 km or more but less than 500 km: 5 Days
- 500 km or more but less than 1000 km: 10 Days
- 1000 km or more: 15 Days
(However, all the E-way bills can be cancelled within 24 hours of generation in case of delay in transportation, the discrepancy in E-waybill and actual quantity to be shipped and cancellation of an order.)
Advantages of E-way Bill
- E-way bill cuts the time and efforts of spinning around offices for waybill and permissions and make it less tedious.
- It enables a smoother flow of goods from one point to another and minimizes waiting time.
- It is user-friendly and can be done without any technical knowledge.
- Easy and quick generation of e-way bill
- Smoother and simple tax administration, processing and verification of e-way bill by tax officers
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