When we talk about E-Way bill the question arise what exactly an E-Way bill means and how to generate it with an Accounting Software. E-Way Bill stands for Electronic way bill. It contain unique document/bills, which is generated electronically for specific consignment of goods from one place to another, alternatively for inter-state or intra-state and contain value more than INR 50,000, require under the present GSt regime.
As update made on 23 March 2018, E-way bill has to be generated compulsorily from 1 April 2018. When e-way bill is developed, a unique EBN (e-Way Bill Number) is made available to supplier, recipients and transporter. The e-Way bill takes place of the way bill, that was a physical document and exist during the VAT regime for movement of goods.
e-Way bill comes under GSt, let us understand what is GST?
GST is a short form of (Goods and Service Tax), it is an indirect tax which is charge on supply of goods and services. This law has replaces many other indirect tax laws that was previously existed in India. How to generate e-Way bill
E-Way bills are generated through online e-Way bill system or via SMS. The bills must be generated before the movement of goods about supply/reason rather than supply/inward or supply from an unregistered person. There arepre-requisites regarding generation of an e- Way bill
# Register on EWB portal
#The Bill/invoice/Challan related to goods of the consignment must be in hand.
#If transport is by road than Vehicle number or the Transporter ID.
#If transport is by air, ship,or rail – date on the document, Transport document number, and Transporter ID.
Here we will guide you to generate e-Way bill step-by- step:
1. Login to eway bill: Enter the name, password and Captcha provided than Click on Login.
2. Click to the Generate new under E-waybill option displaying on the left-hand side of dashboard.
3. Insert the following fields to the screen that was appearing:
1) Types of transaction: Select an Outward when you are a supplier of consignment/goods. Select an Inward when you are a recipient of consignment.
2) Sub-type: Select the relevant type which is applicable to you: If transaction sub-type is selected an Outward, or following sub-type will appear.
4.Click to Submit. System validates the data which is entered and throws up in an error if any. Although, your request is to processed and the e-Way bill in EWB-01 form with some unique 12ve digit number is generated.
How ONLINE Accounting Software Will helps to generate e-Way Bill
Accounting software is likely to be benefit in many businesses. Some are listed below
Advantages of accounting software
- Simplify data entry – it’s typically very fast, only required once and straightforward.
- Fast processing – delays, for example between invoice and sales, are minimum.
- automation of analysis and reports – for example on profit and loss, customer accounts, inventory counts, debtors and creditors, forecasting, sales, etc.
- Task automation – example producing payslips, calculating pay, calculating VAT, etc.
- Error reduction – example incorrect or incomplete recording of the transactions, transposition of figures etc.
Using an Accounting software will help you to save time and money, and offer you the valuable insight into your business. If you want then choose the package very carefully and investing in the computerised accounting system, it is one of the best decision you can take for your business.