Since its implementation, the Goods and Services Tax, 2017, went through many structural and procedural changes. One such change was the introduction of the e-Way bill to track the movement of goods, aiming to foster transparency and curb fake invoicing.
Barring a few exceptions, it became mandatory to issue an e-Invoice if the movement of goods is involved and there is a crossing of a certain threshold limit. What is an e-Way bill, and how can you simplify your e-Way bill compliance?
Let us understand.
What is the e-Way Bill?
e-Way bill, also known as electronic way bill, is an electronic bill that can be generated on the e-Way bill portal whenever the movement of goods involved exceeds Rs. 50,000. If the vehicle is carrying goods under multiple invoices, then GST will consider the aggregate value of all the invoices to satisfy the Rs. 50,000 threshold criteria. It does not matter whether the transportation of goods is interstate or intrastate.
In calculating the threshold limit of Rs. 50,000, consider the following factors:
- The value determined as per Section 15 of the CGST Act
- Include CGST / SGST / IGST / UTGST
- Exclude the goods exempted from GST if the invoice covers both taxable and exempt value of goods
e-Way Bill Integration with RFID and FasTag
Leaping further into the digital transformation of financial platforms, the Government of India has integrated the RFID/FasTag with the e-Way bill system applicable from 1st January 2021.
The transporter shall have an RFID tag on which they will upload the details of e-Way bills. The details automatically get fetched to the government portal as the RFID Tag reader captures the details when the vehicle passes through the highway.
e-Way Bill – Industry’s Take
While the e-Way bill has been instrumental in making supplies transparent under the GST regime, it certainly adds to the compliance burden of the business houses, particularly the logistics sector. Organizations still spend a considerable chunk of time ensuring tax compliance, scrutiny, vehicle inspection, check-point stoppages, etc. This aspect leads to loss of productive time and labor, repetitive tasks, and loss of efficiency.
What’s the solution, then?
e-Way Bill Software Platform
Firms must generate the e-Way bill every time they transport goods worth Rs. 50,000. However, doing it directly from the portal may make it difficult to repeatedly perform the same exercise and keep track of all the e-Way bills generated within a period.
The National Informatics Centre (NIC) portal often suffers technical glitches during peak business hours, increasing the time to process the e-Way bills. Therefore, business houses and transporters usually prefer to use an e-Way bill software platform that facilitates the generation and other functions of e-Invoices in a convenient and user-friendly manner.
WeP – Your Comprehensive GST Partner
WeP offers a comprehensive GST solution taking care of all your GST compliances. Apart from the e-Way bill, certain compliances under GST also require due attention from taxpayers. WeP makes your GST compliance hassle-free with the following features:
- A comprehensive dashboard giving quick insights into e-Way bill compliances
- User-friendly interface
- Location-based and centralized e-Way bill generation
- Supporting the bulk generation of e-Invoice
- Easy update of details like the vehicle, transporter, etc.
- Addition of vehicles and extension of validity
- View, download, and print e-Way bills in pdf format
- Concurrent generation of e-Invoice for multiple GSTINs
- One-click cancellation of e-Way bill
- Facilitates inward e-Way bill rejection
- Configuration of features as per your convenience
WeP facilitates varied report generation to bring out a clear picture of your e-Way bill statuses.
Such reports include:
- Erroneous as well as active and inactive e-Way bills
- e-Invoices directly generated in NIC
- Inward e-Way bills generated
- e-Way bills rejected by the clients
- e-Invoices assigned to the transporters
- e-Way bill vs. GSTR-1
What Else are the Offerings?
To make your tax journey smoother, WeP offers comprehensive tax solutions. It caters to the taxpayer’s needs of e-Invoicing, GST Return filing, reconciliation process, and MIS Report Generation. Following are the insights of the offering of WeP for taxpayers:
A.WeP e-Invoice
WeP e-Invoice Software provides broad solutions involving:
- Manual, ERP, and SFTP integrated e-Invoicing
- GSP as well as ASP model of services
- Exclusive tie-ups with software integration partners like Oracle, SAP, etc.
- In-house implementation support for GST e-Invoicing
- Stringent policies for information security
While the world is heading towards digitization, manually performing your tax compliances will only add to your difficulties. You can perform most manual functions with just the click of buttons with appropriate support software at your disposal.
B.WeP Return Solutions
GST returns are monthly compliance. Revisiting previously uploaded data may be required in some instances. With time, it becomes difficult to gather and analyze the bulk of data to solve the queries and discrepancies, especially in the case of GST input tax credit.
This aspect is mainly the problem most big business houses face as the GST platform does not support such analytics features. Hence, it becomes crucial to use analytical software supporting analysis and data integration. WeP offers the following GST return solutions:
- Simplified GST filing in 3 easy steps: Validate, Upload, and then Save. That’s it!
- Multiple logs and MIS Reports to meet reporting requirements and facilitate audit trail.
- Easy uploads and downloads from GST portal
- Easy GST reconciliation and automated communication of discrepancies to the concerned vendors
- User-friendly interface, user management, and navigation
GST Made Simple!
A single WeP GST software can bring your GST compliances to your fingers. With all-around GST service solutions to support your business, it is time to transition to the digital world to increase your focus in productive avenues ensuring speedy growth of your business.
Apart from compliances, the generation of various reports facilitates insights into the taxation aspects of your business. As GST is not a single-return filing law, inconsistency can crop up between different GST returns that attract penalties and punishments.
It is far better to keep your tax as simple and sorted as possible as any negligence can put you into serious complications leading to loss of time and resources.