The Term ‘e-way bill’, largely considered as a true appendage to the nationwide Goods and Services Tax(GST), has successfully garnered almost as much media hype as the other popular terms and phrases like ‘black money’, ‘inflation’ or ‘Input Tax credit’ in the last couple of months.
But after being implemented by February 1st, 2018, The E-way bill has unfortunately faced with quite a similar fate like most of the initial return filing on the GST. Later, the bill has been postponed indefinitely, especially after the taxpayers complained about the several technical glitches that hindered all of their attempts to generate it online. Finally, the bill came into effect on 1st April 2018.
What is an e-way bill?
As the name refers itself, an e-way bill is a short form of electronic waybill. It is nothing but an electronically generated online billing document, processed under the recent GST regime. More precisely, it is an online billing document which needs to be generated when specific cargo and consignments of the value of more than Rs. 50000 are shipped, transported or moved either through inter-state or by intra-state geographical boundaries.
Applicability, Rules & Procedure.
According to the current GST rules and regulations, an e-way bill must be generated before the goods and consignments are shipped and should also contain all of the precise details about the goods and as well as the relative information about the consignor, the recipient and of-course the transporter.
So whether you are an international cargo & logistic services provider or a domestic transportation company, you have to carry the invoice and the copy of your respective e-way bill as a legal verification for movement of products and goods.
You are also allowed to carry the e-way bill number which has already been mapped with a radio frequency identification devices.
An electronic waybill can be generated from a common online portal which in this is www.ewaybill.gov.
The Bill can either be extracted by a registered user or by a logistic & transportation company who is directly responsible for the movement of products and goods.
Despite the absence of checkpoints under the current GST regime, a cargo or consignments of goods and products can be easily intercepted and located at any point of time for the legal verification of its e-way bill.
As per the current GST norms, if a consignment or cargo, during its movement, is caught without any proper e-way bill, then a penalty of Rs 10,000 or a suitable sum of taxation will be imposed on an immediate basis.
The newly updated GST laws do contain some flexibilities too. It allows any of the parties i.e the consignor or the recipient to generate the respective copy of their e-way bill, considering both of them are registered.
If in case, your goods and cargoes are delivered or handed over to a transporter under such a circumstance that neither the consignor not the consignee has proclaimed their respective e-way bill, then the transporter himself becomes legally responsible to generate his own e-way bill.
Once the e-way bill has been generated by consignor or transporter, the respective recipient of that particular consignment must accept or reject it on the portal. If no action is taken from recipient’s end within the ambit of 72 hours, then it shall be considered as accepted.