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With effect from April 1, transporting goods from one state to the other amounting to Rs 50,000 will require e-way bills.
E-way Bill means Electronic Way Bill generated in the E-way Bill portal by an entity or person responsible for moving the goods. The bill should be generated for moving goods accounting to more than Rs 50,000 irrespective of the mode of transport.
It would act as a unique bill number or authentication generated for a particular consignment of goods. Any enterprise that intends to move goods in its own vehicle or by railways, air or vessel, the recipient or supplier of that consignment ought to generate E-way bill. The bill should be generated when transporting goods classified under the GST law.
Read also: Why the logistics’ sector needs to invest in GST-enabled ERP software?
One of the bright sides of this new GST bill is that enterprises will now deal with a uniform e-way billing to transport goods across the nation unlike in the erstwhile systems wherein we had to fill in different forms for moving goods to different states within the country. The introduction of GST E-way bill is another bold step to keep a tab on tax evasions by tracking the goods being moved.
Prerequisites to generating GST E-way bill:
During the initial phase of GST E-way bill, businesses tend to commit errors due to the intricacy of the bill that it would pose to all those first-time users. However in the long run, the e-E-way bill will persuade unorganized business sectors thriving in the country’s economy to abide by the new GST e-way bill rules thus, mitigating tax evasions. Also, it is expected to create favourable market opportunities for all the new entrants, since E-way bill is largely aimed to tame and control product prices.
Since it is natural to resist to any type of change, but the nationwide GST reform is certain to influence every business in the ecosystem. Keeping aside the nuances, the GST E-way bill is aimed to make the nation’s tax system transparent thus, helping reduce tax evasions.
And yes, the GST E-way bill will be impacting your enterprise, since the bill is applicable to both registered as well as non-registered businesses in some way or the other. To conclude, as E-way bill is a GST compliance concept, it is time businesses embrace and get accustomed to it.
Fortunately, we have intelligent ERP systems that would help simplify E-way bill management for your organisation. These solutions would help generate E-way bill for individual as well as multiple invoices.
To know how Sage ERP software can help you with GST E-way bills, contact us here. Sage Software Solutions (P) Ltd. has been implementing intelligent ERP solutions for over three decades. You can also SMS SAGE to 56767 or drop us a mail at firstname.lastname@example.org for a free demo and consultation.
Disclaimer: All the information, opinions and views expressed here are those of the authors and their respective web sources and in no way reflect the principles, views or objectives of Sage Software Solutions (P) Ltd.
Sources: BusinessLine, Deccan Chronicle, Business Today, Livemint, Bloomberg Quint & The Hans India.