Government, recently released Rules on electronic Way Bill under Goods and Services Tax (GST). A waybill is a document issued by a carrier giving details and instructions relating to the shipment of a consignment of goods. Typically it will show the names of the consignor and consignee, the point of origin of the consignment, its destination, and route.
Points to be remembered on e-Way Bill Rules:
1. Moving goods worth more than Rs 50,000 under GST will require prior online registration of the consignment and securing an ‘e-way bill’ that tax authorities can verify / inspect anytime during the transit to check tax evasion.
2. After generation of the e-way bill on the common portal, a unique e-way bill number (EBN) shall be made available to the supplier, the recipient and the transporters on the common portal so that every person relating to the transaction can verify the details mentioned in the electronic way bill and avoid detentions, variation of details can be avoided.
3. The person in-charge of conveyance /truck/ vehicle will be required to carry the invoice or bill of supply or delivery challan, and a copy of the e-way bill or the e-way bill number, either physically or mapped to a Radio Frequency Identification Device (RFID) embedded on to the conveyance.
4. Where multiple consignments are intended to be transported in one conveyance, Instead of generating multiple e-way bills, the taxpayer can generate consolidated e-way bill and or carrying serial number of e-way bill(s) generated in respect of each such consignment and can be visible to the concerned persons of the consignments on the common portal.
5. Validity of e Way Bill:
A. Less than 100 km – One day
B. 100 km or more but less than 300km – Three days
C. 300 km or more but less than 500km – Five days
D. 500 km or more but less than 1000km – Ten days
E. 1000 km or more – Fifteen days
Verification of documents
6. The Commissioner shall get RFID readers installed at places where verification of movement of goods is required to be carried out and verification of movement of vehicles shall be done through such RFID readers where the e-way bill has been mapped with RFID.
7. Provision of physical verification goods can be carried out by officer upon proper authorization from Commissioner.
Inspection of Goods
8. A summary report of every inspection of goods in transit shall be recorded online by the proper officer in Part A of FORM GST INS – 03 within twenty four hours of inspection and the final report in Part B of FORM GST INS – 03 shall be recorded within three days of the inspection.
Detention of Vehicle
9. The transporter whose vehicle has been intercepted and detained for a period exceeding 30 minutes, he may upload the said information on the GSTN portal. Experts believe that through e-Way Bill mechanism, black market or un-organised sector would take a big hit as the Government would have details of every goods.
Ensure before despatch of the goods vehicle by supplier and transporter:
10. The supplier and the transporters duly to check whether the documents are in order or not? (Mostly the dealers are committing silly mistakes and remitting penalty, advance tax and compounding fee etc., )
i) Invoice, delivery challan disclosing the details of supplier and their address, GST No. Packages and weight or Nos properly.
ii) To mention in the Invoice, Lorry receipt No., and Truck No.
iii) Make sure that HSN code mentioned is correct and applicable rate of GST.
iv) Ensure the sale is interstate or intrastate.
v) If the department is established any check point then instruct the driver to visit and get affixed their checked stamp.
Do you think CBDT should extend Tax Audit Report and relevant ITR Due Date? Please Comment, Vote, Retweet and Like.— Tax Guru (@taxguru_in) September 18, 2018