GST FORM E-Way Bill: Classification of Forms under E-Way Bill

Author: Enter Slice

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) Rates

Rates 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 Registration

GST 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 –

  • Interstate sales
  • Competitive advantage
    • Eligibility Requirements for GST Registration

    Businesses whose turnover exceeds Rs 40 lakhs is required to register as a normal taxable person.

    Documents Required for GST Registration
  • PAN card of the applicant (Company / LLP / Individual/NGO)
  • Identity proof and address proofs of all the promoters of the business
  • Certificate of incorporation that serves a proof of business registration in case of a company
  • Partnership Deed if the company is in a partnership
  • Registered address proof of a business
  • Bank account details of the corporation
  • DSC for signatories or OTP Verification through Aadhar
    • Registration Process for GST Registration
  • Creation of an account on the GST website
  • Submission of the various requirements demanded by the authority
  • Generation of a Temporary Reference Number(TRN)
  • Submission of the application form
  • Filing of registration form
  • After receiving the application reference number, the status can be tracked.
    • GST Return Filing

    GST 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 Returns

    Some 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 Bill

    An 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 –

  • Sender – The individual who is responsible in sending the goods
  • Transporter –
  • Receiver –
    • Goods and Services (GST) E-Way Bill system

    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 Bill
  • An individual registered under GST
  • An unregistered person
    • Content in E-Way Bill

    TheE-Way Bill consists of 2 parts –

    Part 1

  • GSTIN of Recipient
  • Place of Delivery
  • Invoice number
  • Value of goods
  • HSN Code
  • Reason for transportation
  • Transport Document Number

    • Part 2

  • Vehicle number of transported goods
    • Classification of Forms under E-Way Bill
  • Normal E Way Bill

    • Normal E Way billis required and is generated when there is transportation of goods having one type of HSN.

  • Bulk E Way Bill

    • When there is transportation of numerousvarieties of Goods that consists of multiple HSN code then bulk E Way bill shall be generated.

    Conclusion

    Electronic 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.