Goods and Service Tax (GST) in India came into effect on July 1, 2017, and laid down a significant foundation for the department’s indirect tax reforms. To ensure seamless transportation of goods and services across the country’s borders, the government of India has abolished all checkpoints. Here’s where the e-Way bill comes into play.
What is an e-way bill?
An e-way bill or an electronic bill refers to a document that is to be carried out by a person responsible for transporting goods and services in India. This document entails detailed information about the goods and services being transferred, the consignee, the consignor, and the transportation mode. It is mandatory for the movement of goods worth more than 50,000 rupees in value, irrespective of interstate or across-the-border transportation. It can be generated online or by using GST e-way bill software. The e-way bill contains 12 digits called EBN (E-Way Bill Number), which is valid for the duration of the transit and can be verified by tax officials at any point during the transportation of goods.
What is GST e-way Bill software?
The GST E-way bill software refers to a platform used to generate E-way bills, which are required for the movement of goods worth more than Rs. 50,000 in India. This software is designed to ensure e-way bills are generated quickly and efficiently. A few businesses are already leveraging some of the best online accounting software that is integrated into their accounting or ERP system. These platforms facilitate seamless data transfer to generate e-way bills by inserting the required details like the invoice number, date, and value of the goods being transported. Once the details are entered, the software generates an e-way bill that is to be submitted to the government authorities during the transportation of goods and services.
GST e-way bill Software is the easiest gateway to generate e-way bills automatically and accurately. It simplifies the process of generating e-way bills and helps businesses comply with the government’s regulations. The software also adds transparency to the system and helps prevent tax evasion.
A 7-Step Process to Streamline e-way Billing
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Registration:
The initial step is to register on the GST portal and create an account to generate an e-way bill. The registration process requires a GSTIN (Goods and Services Tax Identification Number). So, ensure you have the correct GSTIN number while you register your account.
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Data Entry:
Once registration is done, you need to enter relevant details of the consignment, like invoice number, consignor, consignee, date, value, goods being transported, and mode of transportation. Normally, this is a manual entry work or even can be imported through an ERP system. Most businesses have integrated the best GST e-way billing software in their ERP systems to automate this 7-step process.
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Validating Details:
In this step, all the details of the consignor, consignee, and transporter are validated against the GST database to ensure they are registered and eligible for transportation under the GST laws. This is a time-consuming and tedious process as it involves huge human efforts. Businesses these days have started leveraging GST e-way billing software to ensure seamless and accurate validation of all the details.
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Tax Calculation:
Once all the details are validated, the tax applicable to the transportation of goods and services gets calculated at this stage. The tax applied depends on the details entered and the rates applicable to the goods being transported.
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E-way Bill Generation:
Once the taxes are calculated, the GST e-way bill software generates a document in a prescribed format. This document is called an e-way bill. It entails the e-way bill number and all the relevant details of the consignment.
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Print and Share:
Post the e-way bill, is shared electronically or in printed format with the transporter, who carries the e-way bill along with the goods and services. While the transport is on the way, the GST e-way bill software offers real-time updates of the location to businesses, ensuring transparency.
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Update and Cancel:
This is the last stage where you can cancel or update the e-way bill in case of any edits or cancellations in the goods transportation.
Top 5 Reasons GST e-way Bill Software Should be Integrated?
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Compliance:
The e-way bill is crucial document businesses need under the GST regime. The GST e-way bill software makes it easier for businesses to comply with the GST standards by streamlining the process of generating and managing e-way bills. manually, and thus there was a high possibility of errors and delays. Multiple rechecks and verifications had to be done, which was time-consuming. Now, the GST e-way bill software has eliminated human intervention and reduced the delays in the process.
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Transparency:
The platform offers real-time information about the goods and services, like the location of goods being transported. This helps businesses avoid thefts, pilferage, and other fraudulent attacks.
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Cost Savings:
The GST e-way bill software reduces manual efforts and paperwork, thus turning out to be a cost-effective solution for businesses. This platform also reduces administrative costs and improves efficiency.
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Integration with ERP:
GST e-way bill software is changing the landscape as most businesses are integrating it into their ERP systems. The software directly fetches all the details from the system and reduces manual efforts by delivering an automated system.
Wrap Up
E-way bills have turned out to be an important document that transporters carry while moving goods and services across the borders of the country. The process can be carried out manually, but this can cause errors and delays. Here is where the software comes into play. GST e-way bill software is a platform that streamlines generating and managing e-way bills for businesses. It automates the process, ensuring transparency, accuracy, efficiency, cost savings, and speed.
Are you still stuck in the manual processes? Get out of this and integrate the best GST e-way bill software that streamlines your business operations.
