E-Way Bill: The First Step of Revolution in The Trade System

“Mom: ‘Could you bring 10kg of rice from the nearby grocery store.’ Son: ‘Of course mom.’ (Son walks to store and complete the order by mom). ” Well wish all transfer goods could be that simple. Transfer of any good (mainly for trade purpose) from one place to another is not just as simple as it sounds. It’s not only the size of consignment /goods or time which is the main concern; It’s actually documentation and legalities which brings the major concern for the traders. Timely and hassle free transaction of goods is what all require in today’s Trade World. E- Way Bill, is one of the solution or you can say relief for trade world.

What is E – Way Bill?
As you get a simple hint by its name itself, which is Electronic Way Bill. So for every transfer of goods of value more than Rs.50,000, a registered user can easily generate E-Way Bill online by Web portal or Mobile Application. It actually came into effect on 1st April 2018, mandated by govt. in terms of section 68 of the Goods and Services Tax (GST) Act.

How to Generate E- Way Bill?
If you are familiar with internet, computer and Smart phone, then E- Way Bill is no Big Deal you can get it with tap of your fingers online. All you have to do is register yourself on Web Portal which can be done with few simple steps.

  • Visit E-Way Bill Portal.
  • Go to Registration >> Click E- Way Bill Registration.
  • Enter GSTIN
  • Generate an OTP ( on your registered Mobile No. )
  • Create a new User ID and Password.

(Note: This is for GST registered user)

For Unregistered (GST) Transporter: They will be issued a Transporter ID.
When Registered (GST) receiver receive Goods from Unregistered Supplier, then receiver have to generate the E- Way Bill.

Steps to Generate E- Way Bill:

  • Login to E- Way bill system
  • Under E-Way Bill >> Click ‘Generate New’.
  • Fill Up the Form and required Details.
  • Submit.

You can also Print E- Way Bill.

Advantages and Disadvantages of E- Way Bill:

Advantages:
Less Documentation: The biggest Advantage of E- Way Bill is that it reduces the Documentation procedure and made it way easy as you can generate it sitting at your home or office.

Cost Efficient: It will reduce the logistic cost and tax avoidance also get reduced.

Will enhances the efficiency of Transportation: As the load of documentation is reduce, which means less paper work and hassle free movements of transport and thus will make it efficient and speedy.
It is Very user friendly, via use of web portal or mobile app; Dealers can self download it anywhere at anyplace easily.

Disadvantages:
Lack Of Internet Connectivity: Internet connectivity is still not perfectly established in many part of India Properly so this is big concern.

Different Opinion: Different states have different opinion about it and many want to implement their own system.

Glitches in Generating Bills: As it’s still going under changes and modifications so its facing some technical glitches sometime.

E- Way Bill is a New Revolution in the world of Indian Trade System. We will keep learning about it and it will keep learning and getting better as the time progress. For any further Details Contact SP Chopra & Co. is one stop solution for all your business problems so feel free to contact them and run your business with smoothness and smile.