Introduction
An E-way Bill needs to be generated by a person or a business if they wish to transport goods worth more than Rs. 50,000 across state borders. In certain special cases such as the transportation of handicrafts, an E-way Bill might be needed even if the goods being transported are valued at less than Rs. 50,000. The E-way Bill system was introduced to implement stricter and more rigorous compliance with the GST regime and to ensure that registered businesses file their GST returns regularly. A GST E-way Bill is needed for the supply of goods with or without consideration, or in case a business or individual is receiving supply of goods from a person or entity that is not registered on the GST portal.
Impact of the lockdown on GST E-Way Bill Collection
With the restrictions imposed on the movement of goods and people in 2020, GST E-way Bill collection was also hit. However, as of March 2021, the GST E-way Bill collection has bounced back strongly, reaching Rs. 4.9 Crores for the month of March. E-way bill collection numbers are a strong indicator of the post-covid recovery of the economy as they show that goods and services are back in motion. Transportation and logistics are vital components of any business. It is imperative for businesses to invest in efficient logistics and transportation as timely and safe delivery of goods is of the essence. Finserv MARKETS offers business loans of up to Rs. 35 Lakhs that are tailored to meet the requirements of your business. With minimal paperwork, quick disbursal, and attractive interest rates, you can avail of a business loan by Finserv MARKETS to invest in improving the transportation and logistics capacity of your business. Use this simple EMI calculator to estimate the EMI for your business loan.
Benefits of the E-way Bill System
- No need for businessmen to visit tax offices for transportation of goods as the entire system has now been moved online.
- Reduced waiting time at traffic check posts leading to faster delivery of goods and increased cost efficiency for businesses.
- Complete transparency in the logistics process leading to reduction of malpractices at traffic check posts.
- Better compliance with the GST regime leading to greater public revenue.
- With a centralized system in place, users no longer have to apply for multiple permits and clearances from different authorities and state governments.
Common Errors While Submitting E-way Bill
It is not uncommon for users to experience errors when submitting when generating E-way Bill. Common reasons for the error are uploading incorrect details, not entering the vehicle number in the correct format, uploading multiple invoices for the same consignment, and entering incorrect credentials. For a complete list of errors, see the E-way Bill error code list.
Conclusion
E-way Bill collection is a reliable metric for measuring the performance of the economy as it is a measure of the movement of goods and people in the economy. Despite the setbacks to the Indian economy on account of restrictions imposed due to the lockdown, E-way Bill collection has bounced back in 2021. Transport and logistics are a critical part of any economy and of any business. Therefore it makes sense for businesses to invest in their transport and logistics capabilities in order to strengthen them. Businesses may consider availing of business loans in order to strengthen their transport and logistics capabilities.
