The eway bill provisions had primarily targeted a single national-level eway bill, which will be used by suppliers and transporters of goods all across the country. Till this national e-way bill was ready, the States were authorized to continue their current e-way bill systems. However, the GST Council realized that this was causing an unnecessary hassle to the inter-State movement of goods, which ultimately prompted the need for an earlier implementation of the GST e way bill.
Soon, businesses will receive notices/queries seeking explanations for discrepancies for data reported in the GST returns vis-à-vis the e-way bill portal. Although there is no link between the GST e way bill and GST return portals, the government has put forth clear expectations based on the recent cases of notices issued to businesses for differences in the data in GSTR-3B and GSTR-2A returns. The extensive quantum and nature of data reported in GSTR-1 vis-à-vis and requirements for issuance of eway bills, it becomes essential for businesses to prepare themselves in advance with GST eway bill reconciliation of both the databases.
Know about online GST registration process and fees.
The Eway Bill format in GST comprises two parts – Part A and Part B. The Part A of Eway Bill in Form EWB 01 aims to collect the details of the consignment, usually the invoice details. Accordingly, the following information needs to be captured.
Enter the recipient GSTIN number of
Now mention the area pin code where goods are delivered.
The Invoice or Challan number against which the goods are being supplied.
Fill in the consignment value of the goods.
Enter the HSN code of transported goods. For turnover of up to INR 5 crores, the first two digits of HSN code are required. If it exceeds INR 5 crores, the four digits of the HSN code needs to be mentioned.
The reason for transportation is pre-defined, and you need to select the most appropriate option from the list.
This indicates either one of the Goods Receipt Number, Railway Receipt Number, Airway Bill Number or Bill of Lading Number.
In Part B of Form EWB 01, you need to mention the number of vehicles with transported goods. The transporter will file this in the common portal. An E-way bill is mandatory for businesses that deal in the movement of goods from one place to another. Hence business owners must know the importance of generating an eway bill for smooth operations. The same way at Finserv MARKETS, we understand businesses and their requirements. With a business loan, you can get the financial assistance wherein you don’t have to pledge any security and can avail up to 30 lakhs with minimal documentation, quick approval and disbursal of loan. Hurry!! Download the Finserv MARKETS App to apply for a business loan.
Know about the impact of E-way bill on Indian logistics industry.
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