GST has ushered in a revolution in the Indian taxation system. This means that both end users (i.e. the buyers and sellers of goods/services) and the gatekeepers (i.e. the accountants and CAs) need to totally revamp their understanding of the features and compliances associated with this new age taxation system in India.
One such important factor in the system is the e-Way bill. This bill is mandatory when there is a transportation of goods with a single invoice value of more than Rs. 50,000. So, any movement of goods or conveyance of this value or above it, will need an e-Way bill to be generated. There are many compliances to keep track of, under different scenarios.
For example, what should be the compliance to be followed when the transaction is happening from an unregistered person to a registered person? Or, which type of transportation of goods doesn’t attract an e-Way bill? To get answers to these queries, it is important that the accountants and GST advisory services providers update themselves of the working of the bill to generate maximum benefits to their clients without missing out on any compliance norm.
What does a technology solution offer?
For all businesses, it is crucial to get subject matter expertise from GST advisory services practitioners that can help with this vital objective. For this many companies have come up with one-stop solutions for e-Way bill preparation, filing and payment. As a user who will be associated with an e-Way bill, you need these technology solutions that help make the overall process convenient along with 100% compliance.
GST advisory services experts recommend that a good technology solution needs to have these features integrated into it –
- The tool needs to integrate with enterprise ERP system to avoid rework of GST data entry
- It should provide facility for data archiving and storage for a long time
- It should deliver optimum performance even with large volume of transactions
- The tool should provide comprehensive, rigorous authentication of data that checks for all permutations
- In case of incorrect data, the tool should share it with users for further validation and re-upload
- Total integration with NIC for all-round e-way bill compliance
- Total adherence to relevant e-way bill rules
- Bulk generation of e-way bill in printable format based on uploaded data
- The tool should allow the facility to update, cancel or reject an e-way bill
In addition, the tool needs to allow the below features-
- Granular level reporting with the help of sorting, filtering and summarising. Reports based on historic data too needs to be available for any time download.
- User-based authentication and role-based workflow needs to be provided
- Timely notifications about outlier e-Way bills that might need additional analysis
To wrap up
Now that you are aware about the important functionalities in an e-Way bill tech solution, you can opt for robust GST advisory services and solutions like the “BDO Enable EWB”. The cloud-based solution enables anytime, anywhere access to important data and facilitates quick and smooth filing of an e-Way bill and its payment via a dedicated support team.