E-Way Bill Generated in October

64.1 Million E-Way Bills Generated in October 2020- Highest So Far

✓Minimal Documentation ✓Flexible Repayment ✓Collateral Free Loan | Apply for Business Loan Now!

05 Jan 2021
60 Views

An E-way bill is utilized for the development of merchandise and can be generated online on the E-way bill portal. Once the e-way bill is created, the recipient, supplier or the transporter will receive a unique e-way bill number (EBN). Earlier, the central government levied taxes on the transportation of goods across various states and the income generated was divided among the Centre and the state governments. The E-way bill registration was fundamentally set to screen the development of goods on national highways and state borders.

In a positive turn of events, the month of October 2020 saw the most number of e-way bills being produced, i.e 64.1 million (this is the most elevated count recorded since the E-way bill framework). About 49.5 million e-way bill invoices were generated by 27,400 citizens since October 01, 2020, when the e-receipt framework under GST came into power. The Ministry of Electronics and IT has validated this as an achievement in India's excursion to improve the ease of doing business in the nation. The information caught by the Invoice Registration Portal stream flawlessly to GSTR1 return in GST Common Portal of the taxpayer consequently decreasing the burden of the compliance.

Who can generate the E-way bill?

  • Registered Person- An E-way bill is required during the transportation of goods that have a value of more than Rs. 50,000. A registered individual or a carrier needs to generate the e-way bill regardless of whether the value is less than Rs 50,000.
  • Unregistered Individuals-Unregistered people are needed to produce E-way Bill. In situations where the goods are being transported by an unregistered individual to a registered individual, the collector should guarantee all the compliances are met for the supply of goods.
  • Transporters- Transporters who are answerable for the development of products by the transportation of goods through road, air, railways, etc. need to generate an e-way bill regardless of whether the provider has already generated it or not.

Verification

  • The verification for E-way bill is carried out by an official in charge who may verify the E-way bill or the e-way bill number of a vehicle for all interstate and intrastate transportation.
  • The official in charge can conduct physical verification of the vehicle, after the commissioner or an officer authorized has approved the same, in case of any doubts regarding the occurrence of tax avoidance.
  • Physical verification of the vehicle used for transportation is carried out by the official in charge and no further verification is required except if determined.
  • The officials have to record subtleties of the evaluation of goods in Part A of Form GST EWB 03.
  • The final report made for the verification should be recorded in Part B of Form GST EWB 03 within three days time.
  • On the off chance that the vehicle is kept for over 30 minutes, the carrier has the option to lodge a complaint by uploading the subtleties in Form GST EWB 04.

Procedure for E-way bill Registration for Taxpayers/Registered Transporters

Given below are the steps to for an e-way bill login in:

Step 1:

To register, you need to visit the online official website ewaybillgst.gov.in.

Eway bill registration Step 1

Step 2:

On the homepage click on the ‘Registration’ tab and click on ‘ e-Way Bill Registration ’ option displayed on the screen.

Eway bill registration Step 2

Step 3:

Enter the GSTIN (Goods and Services Tax Identification Number) and the captcha code and click on ‘Go’.

Eway bill registration Step 3

Step 4:

Now you will get an OTP number on your registered mobile number which you need to verify to proceed further.

Eway bill registration Step 4

Step 5:

Create a new User ID and set the password. After filling in all the required details, you will receive a user ID and password for the E-way bill.

The e-way bill system has helped control toll avoidance and increased timely compliances. Also, considering genuine cases that include non-filing or technical glitches, if any, the law accommodates a substitute avenue of getting an exception approval from the officials in control. This measure will help guarantee that no ridiculous disturbance is being caused to the businesses involved in the transportation of goods. Businesses face a lot of challenges and Finserv MARKETS understands such prerequisites of a business. By getting a Bajaj Finance Business Loan on the Finserv MARKETS app you can get the monetary help, your business needs. For your business, you can avail business financing of up to Rs. 30 Lakhs at affordable rate of interest. The online application procedure is exceptionally basic with minimal documentation. The loan funds get credited in your bank account within 24 hours post loan approval.

“Finserv MARKETS, a subsidiary of Bajaj Finserv, is a one-stop digital marketplace that has been created for consumers on the go. It offers 500+ financial and lifestyle products, all at one place. At Finserv MARKETS, we understand that every individual is different. And that’s why we have invested in creating a proposition – Offers You Value. A value proposition that ensures you get offers which are tailor made for you. We also offer an amazing product range and unique set of online offers across Loans, Insurance, Investment, Payments and an exclusive EMI store. Be it in helping you achieve your financial life goals or offering you the latest gadgets, we strive to offer what you are looking for. From simple and fast loan application processes to seamless and hassle-free claim-settlements, from no cost EMIs to 4 hours product delivery, we work towards fulfilling all your personal and financial needs. What’s more! Now enjoy the same benefits in just one click with our Finserv MARKETS App.”