E-Way Bill – Get ready
With Just five days left E-Way bill will be rolled out from January 16th as per the decision made by Finance minister Arun Jaitley who heads the GST Council.
The E-Way Bill promises uniformity of interstate movement of goods which could be voluntarily used from January 16th but will be made a compulsory countrywide from February 1 for the supply of goods costing more than 50,000. However, the traders and transporters are asking to increase the costing limits of goods & commodities to around one lakh rupees.
The GST council had postponed E-Way bill implementation during the rollout of GST on July 1, 2017, to March 31, 2018, due to lack of technological preparation.
Supply in case of E-Way bill
Supply E-Way bill may be a Bill which may be in the course or may not be in course of business and may include supplies without payment. To use E-Way Bill all the registered business taxpayers will need to upload details in a prescribed format decided by GSTN officials website.
The transporter and the trader will need to mention all the details of goods or commodities which they wish to move in or out of the state. As of now, GSTN has created E-Way bills which will be valid for 1-15 days and one day will be considered as 100km. Once generated the E-Way bill a unique E-Way bill number (EBN) shall be made available to the supplier, the recipient and the transporter on the common portal.
E-Way Bill is coming at a time when GST base is set to cross one crore mark in India and the government feels it’s the right time that all the States must have a common electronic Waybill which will bring in uniformity across the states for seamless inter-state movement of goods.