Changes in E-Way Bill System After E-Invoicing

1
Changes in E-Way Bill System After E-Invoicing
2
E-invoicing is a new system implemented in India
for businesses with a turnover of more than Rs.
500 crores. The system was introduced to
streamline the invoicing process and reduce the
compliance burden on businesses. E-invoicing or
electronic invoicing is the issuance of an
invoice in an electronic format, which computers
can read. This differs from the current system,
where businesses generate invoices in paper or
PDF format. The e-invoicing system will be linked
to the GST Network (GSTN), and invoices will be
generated using a unique Invoice Reference Number
(IRN). The main objective of introducing
e-invoicing is to curb tax evasion and fraud by
making it difficult for businesses to issue fake
invoices. The government hopes that this will
lead to an increase in tax revenue collections.
This blog post will look at the changes made to
the e-way bill system after the introduction of
e-invoicing. How has the E-Way Bill system
changed after e-invoicing? The E-Way Bill system
has undergone several changes since the
introduction of e-invoicing. Perhaps the most
significant change is the requirement for
businesses to generate an E-Way Bill for each
consignment of goods they transport. This has
made creating and tracking E-Way Bills much more
streamlined and efficient.
3
Previously, businesses were only required to
generate an E-Way Bill if the value of their
consignment exceeded Rs 50,000. However, under
the new system, all consignments must be
accompanied by an E-Way Bill regardless of value.
This has made it simpler for businesses to comply
with the law, as they no longer need to keep
track of different thresholds for different types
of goods. In addition, the new system also allows
businesses to generate bulk E-Way Bills. This
feature was not available previously and has made
it much easier for businesses to transport large
numbers of goods at once. Simply put, the new
system is more user-friendly and efficient than
the old one. What are the benefits of these
changes? The E-Way Bill system is an electronic
waybill that allows businesses to track and
manage their transportation of goods. The E-Way
Bill system was first introduced in April 2018
and underwent several changes. The latest changes
to the E-Way Bill system will come into effect on
January 1, 2020. These changes are designed to
make the E-Way Bill system more user-friendly and
efficient.
4
Some of the benefits of these changes
include 1. simplifying the process of creating
and managing E-Way Bills 2. reducing the time
and effort required to generate E-Way Bills 3.
improving visibility into the status of E-Way
Bills and 4. providing greater flexibility in
terms of when and how often E-Way Bills need to
be generated. Overall, these changes are
expected to make the E-Way Bill system simpler
and more efficient for businesses, saving them
time and money. How will this affect
businesses? The changes in the e-way bill system
after e-invoicing will affect businesses in
several ways. Firstly, businesses will be
required to generate e-invoices for all B2B sales
from January 2020 onwards. This will require
businesses to have a robust invoicing system
which can generate invoices in the correct format
and upload them to the GST portal. Secondly,
businesses need to generate an e-way bill for
each consignment of goods worth more than Rs
50,000 (excluding taxes). The e-way bill must be
generated before transport and contain specific
information about the consignment, such as the
GSTIN of the supplier and recipient, the value of
goods, etc.
5
Thirdly, businesses must maintain certain records
pertaining to their e-invoices and e-way bills.
These records must be maintained for five years
and made available to the GST authorities on
demand. Thus, the changes in the e-way bill
system after e-invoicing will have a significant
impact on businesses. They will need to invest in
new technology and ensure that their processes
comply with the new requirements. Conclusion The
E-way Bill system is constantly evolving to make
it more efficient and easier to use. After the
E-invoicing implementation, several changes have
been made to the system to streamline the
process. We hope these changes will help make
your experience with the E-way Bill system more
enjoyable and hassle-free.
6
Thank You

• Original Source Changes in E-Way Bill System
  After E-Invoicing