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Know About GST e-way Bill: GST e-way Bill Effective From 01st April 2018

Dear Aspirants,

Know About GST e-way Bill: GST e-way Bill Effective From 01st April 2018 |_2.1

Know Everything About GST e-way Bill:

We all know well that Goods and Services Tax (GST) has been successfully implemented across the country to ensure single tax policy. This is one of the most complex Tax systems in the World. So, in order to ensure the transparency and proper movement of Goods from one place to the other, Government of India has passed a GST e-way Bill. That’s why it becomes important for you all to know about this newly released bill as there are high chances that question-based on information given below may appear in your exams.

Waybill-
A waybill is a receipt or a document issued by a carrier giving details and instructions relating to the shipment of a consignment of goods and the details include the name of the consignor, consignee, the point of origin of the consignment, its destination, and route. Electronic Way Bill (E-Way Bill) is basically a compliance mechanism wherein by way of a digital interface the person causing the movement of goods uploads the relevant information prior to the commencement of movement of goods and generates e-way bill on the GST portal. 
GST e-way Bill-
It is an electronic documentation detailing the movement of goods and has to be carried by transporters for any consignment exceeding Rs50,000 in value. It can be generated from the GSTN set up for the e-way bill system by the transporter before the movement of goods begins. The e-way bill’s validity varies depending on the distance that the goods have to travel. Typically, the bill’s validity is one day for every 100km of movement of goods.
How is it generated?
An e-way bill contains two parts- Part A to be furnished by the person who is causing movement of goods of consignment value exceeding Rs. 50,000/- and part B (transport details) to be furnished by the person who is transporting the goods.
Where the goods are transported by a registered person whether as consignor or recipient, the said person shall have to generate the e-way bill by furnishing information in part B on the GST common portal. Where the e-way bill is not generated by registered person and the goods are handed over to the transporter for transportation by road, the registered person shall furnish the information relating to the transporter in Part B of FORM GST EWB-01 on the common portal and the e-way bill shall be generated by the transporter on the said portal on the basis of the information furnished by the registered person in Part A of FORM GST EWB-01.
Purpose of E-Way Bill-
E-way bill is a mechanism to ensure that goods being transported comply with the GST Law and is an effective tool to track the movement of goods and check tax evasion.

Who should generate the e-way bill and why?
E-way bill is to be generated by the consignor or consignee himself if the transportation is being done in own/hired conveyance or by railways by air or by Vessel. If the goods are handed over to a transporter for transportation by road, E-way bill is to be generated by the Transporter. Where neither the consignor nor consignee generates the e-way bill and the value of goods is more than Rs. 50,000/- it shall be the responsibility of the transporter to generate it.
The validity of E-Way Bill- 
The validity of e-way bill depends on the distance to be traveled by the goods. For a distance of less than 100 Km, the e-way bill will be valid for a day from the relevant date. For every 100 Km thereafter, the validity will be additional one day from the relevant date. The “relevant date” shall mean the date on which the e-way bill has been generated and the period of validity shall be counted from the time at which the e-way bill has been generated and each day shall be counted as twenty-four hours. 
Cancellation of E-Way Bill-
Where an e-way bill has been generated under this rule, but goods are either not transported or are not transported as per the details furnished in the e-way bill, the e-way bill may be cancelled electronically on the common portal, either directly or through a Facilitation Centre notified by the Commissioner, within 24 hours of generation of the e-way bill. However, an e-way bill cannot be canceled if it has been verified in transit in accordance with the provisions of rule 138B of the CGST Rules, 2017.
Wind up of GST E-Way Bill-
The e-way bill provisions aim to remove the ills of the erstwhile waybill system prevailing under VAT in different states, which was a major contributor to the bottlenecks at the check posts. Moreover, different states prescribed different e-way bill rules which made compliance difficult. The e-way bill provisions under GST will bring in a uniform e-way bill rule which will be applicable throughout the country. The physical interface will pave way for the digital interface which will facilitate faster movement of goods. It is bound to improve the turnaround time of vehicles and help the logistics industry by increasing the average distances travelled, reducing the travel time as well as costs.
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