What is an E-way Bill and Why is it Important? – E-way bill has recently grabbed the attention of several media houses and industry specialists. After been rolled out earlier on 1st February 2018, which accompaniment the good and services tax, created fuss but soon due to technical glitches in the site the trial period was further extended by the government. But now the government has confirmed that Intra-state implementation of E-way Bill to kick-off from 15th April 2018. Now the question which might be haunting most of you that What is an E-way Bill and Why is it Important? or will it be affecting the pharmaceutical industry? etc will all be answered here.
There are several debates centered around the E-way bill in which the companies or the entities can upload relevant information prior to movement of a goods consignment from one state to another. Although it helps in reducing the burden for the tax collection under the GST regime but it has become matter of concern for business industries. E-Way Bill and its Importance is not clear to all, to understand it in detail Amzor Healthcare will help you out.
What is E-Way Bill?
As the name suggest itself, e-way bill is a Electric way bill which will be generated while the movement of goods. It will be generated on the e-way portal for the transportation of goods which costs more than 50,000 (Single Invoice/bill/delivery challan) in value in a vehicle cannot be made by a registered person without an e-way bill.
If you are thinking about generating e-way bill then do not worry, they can be easy generated through SMS, Android App and by Site-to-Site Integration. You will get the unique e-way bill number when you will generated the bill. It will be available to the supplier, recipient, and the transporter.
Who Need to Generate an eWay Bill?
Here are people who should generate e-way bill.
- If you are a Transporter – Transporters can also generate the e-way bill in case they did not get it from the supplier. Every transportation of more than Rs 50, 000 by air, road or rail needs to have the e-way bill.
- If you are a Unregistered Persons – Apart from this, unregistered persons also need to generate eway bill. In case the supply is made by an unregistered person to a registered person, the receiver will have to ensure all the compliance are met.
- If you are a Registered Person – The bill should be only generated when there is a movement of goods more than Rs 50,000 in value. The supplier of the registered person or the transporter can also provide them with e-way bill is their choice whether they want to generate to it or get it from their supplier.
Importance of E-way Bill
E-way bill has one major benefit for the government, it has the ability to unify India as a market. and do away with bothersome inter-State check-posts. Apart from this, this will help in avoiding the troubles at the inter state check post which is quite common for the truckers carrying goods. If the data from the Ministry of Road Transport and Highways to be believed then on an average a truck spend 20% of its time on the check post in between two states.
E-way bill ease the transportation of good and customer will get products in much faster way. The E-way bill which is generated by a sender or buyer of goods is to be automatically updated in the outward sales return (GSTR1). This includes the sale return of the supplier. It will be leaving little scope for tax evasions on shipments.
Earlier the tax officials had to manually cross-check the way bill with the tax returns filed, to verify if all the consignments came within the tax net.
For more details about E-way Bill visit – https://docs.ewaybillgst.gov.in/html/faq.html
There is no doubt in the fact that the E-way bill behave both positive and negative impacts on the business and the pharmaceutical industry is included in this. This will have the constant burden on the business owner but it will definitely ease the taxing process for text collector and goodwill be deliver fast since there will b no hustle in the interstate checkpoint.