- Views: 10
- Report Article
- Articles
- Business & Careers
- Business Services
GST FORM E-Way Bill: Classification of Forms under E-Way Bill
Posted: May 11, 2020
Goods and Services Tax (GST) is a well-known type of tax that is levied on individuals.GST is a value added indirect tax that is charged on the production, supply and consumption of goods and services. Every business that operates in a country that has GST functioning must acquire GST Registrationwithin the prescribed time. The major purpose behind the introduction of GST is to reduce the cascading effect of the cost of goods and create a common Indian market. Another important aspect with regards to GST is GST Return Filing.
Goods and Services Tax (GST) RatesRates on GST are charged differently on various products and services. It applies to all types of businesses both small and large. It consists of tax slabs from 5%, 12%, 18% and 28%.
Types of Goods and Services Tax (GST)Goods and Services Tax are divided into four major types. The following are some of the types–
Central Goods and Services Tax (CGST),State Goods and Services Tax (SGST),Integrated Goods and Services Tax (IGST) andUnion Territory Goods and Services Tax (UTGST).
Benefits of GST RegistrationGST Registration serves various benefits; hence it is advised to the individuals to acquire its registration. Some of the benefits of gst registration are as follows –
Businesses whose turnover exceeds Rs 40 lakhs is required to register as a normal taxable person.
Documents Required for GST RegistrationGST return is a document that contains all the details of sales, purchases, tax collected on sales (output tax) and tax paid on purchases (input tax). Once an individualfiles for GST returns, they are required to pay the resulting tax liability that is money that they owe to the government. GST Filing is an important step that must be taken by the registered and unregistered individuals.
Types of GST ReturnsSome important types of GST Returns are as mentioned below –
GSTR-1, GSTR-2A, GSTR-2, GSTR-3, GSTR-3B, GSTR-4, GSTR-5, GSTR-6, GSTR-7, GSTR-8, GSTR-9, GSTR-9A, GSTR-9C, GSTR-10, GSTR-11
Definition of E-Way BillAn e-way bill is a document that an individual who is responsible of carrying a consignment of goods of value that exceeds Rs 50,000 is supposed to carry. It is a document that is compulsory and is generated from the GST Portal by registered individuals or transporters who carry out movement of goods.
E Way Bill can be made by any of the following individuals –
E-Way Bill is the short form of Electronic Way Bill. It is a unique document/invoice that is electronically generated for a particular delivery or movement of goods from one place to another, either inter-state or intra-state. The value of goods must be more than Rs 50,000, obligatory under the current GST regime.
Individuals who require E-Way BillTheE-Way Bill consists of 2 parts –
Part 1
Part 2
Normal E Way billis required and is generated when there is transportation of goods having one type of HSN.
When there is transportation of numerousvarieties of Goods that consists of multiple HSN code then bulk E Way bill shall be generated.
ConclusionElectronic Bill (E-bill) is an important document that must be generated and the individual must have it while he is transporting goods from one place to another. Conforming to the rules is mandatory and all individuals must obey them.
Enterslice is a Financial Technology Company and CA Firm. Our team of experts helps firms resolve their complex legal, risk, and compliance related issues and to get Company Registration, NBFC License, and FSSAI Registration etc.