What is E – Way Bill??
Official shipping document that travels with a shipment, identifies its consignor, consignee, origin and destination, describes the goods, and shows their weight and freight. Prepared by the shipping company for its internal record and control, it is neither a contract of carriage nor a negotiable instrument. Common types of waybills include (1) Astray waybill, for shipment that was miscarried or got separated from its original waybill. (2) Blanket waybill, for covering two or more shipments with one document, and (3) Interline waybill, for covering handling of a shipment by two or more carriers.
To whom It is applicable??
The Central Board of Excise and Customs (CBEC) has issued draft rules on Electronic Way (e-way) bill that require registered entities to furnish, in a prescribed format, GST-Network (GSTN) website information relating to any goods worth more than Rs 50,000 they intend to move within a state or outside
How this E -way bill System in GST will work?
GSTN will generate e-way bills that will be valid for 1-15 days, depending on distance to be travelled – one day being for 100 kilometres and 15 days for more than 1,000 km transit.
“Upon 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 transporter on the common portal,” stated the draft norms.
The person in-charge of conveyance will be required to carry the invoice or bill .. Tax officials would be empowered to inspect the e-way bill any time during the journey to check for tax evasion.
Where a vehicle has been intercepted and detained for a period exceeding thirty minutes, the transporter may upload the said information in FORM GST INS- 04 on the common portal.
Audit and assessment
Assessees would be expected to furnish their response within 15 days in case of a query raised during scrutiny or audit of their GST returns, according to the draft rules for audit and assessment.
The rules also propose that for provisional assessment of tax the registered taxpayer can request for a payment of tax on a provisional basis through application Form GST ASMT-01 either electronically on the GSTN or directly through a facilitation centre notified by the Commissioner.
Want to know more _ Click on link to get CBEC draft rules on E -way Bill.
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