GOODS AND SERVICE TAX & ELECTRONIC WAY BILL

 INTRODUCTION:
GST is a single tax on the supply of goods and services, right from the
manufacturer to the consumer. Credits of input taxes paid at each stage will be
available in the subsequent stage of value addition, which makes GST essentially a
tax only on value addition at each stage.

 GOODS AND SERVICE TAX:

GST stands for Goods and Services Tax, which is a tax on the sales of
goods and services in India. With its origin, it has replaced many other indirect taxes
such as VAT, CST, central excise duty, service tax, and so on.

 TYPE OF GST:
Currently, the types of GST in India are CGST, SGST, and IGST. This
simple division helps distinguish between inter-state and intra-state supplies and
mitigates indirect taxes.

 GSTIN NUMBER:
GSTIN, short for Goods and Services Tax Identification Number is a
unique 15digit identification number assigned to every taxpayer (primarily dealer or
supplier or any business entity) registered under the GST regime. Obtaining GSTIN
and registering for GST is absolutely free of cost.

 ABBREVIATION:
1. VAT – VALUE ADDED TAX
2. CST – CENTRAL SALES TAX
3. CGST – CENTRAL GOOD AND SERVICE TAX
4. SGST – STATE GOODS AND SERVICE TAX
5. IGST – INTEGRATED GOODS AND SERVICE TAX

 E - WAY BILL:
E Way Bill is an Electronic Way bill for movement of goods to be
generated on the E Way Bill Portal. A GST registered person cannot transport goods
in a vehicle whose value exceeds Rs. 50,000 (Single Invoice/bill/delivery challan)
without an e-way bill that is generated on ewaybillgst.gov.in. Alternatively, E-way
bill can also be generated or cancelled through SMS, Android App and by site-to-site
integration through API entering the correct GSTIN of parties. Validate the GSTIN
with the help of the GST search tool before using it. When an E-way bill is generated,
a unique E-way Bill Number (EBN) is allocated and is available to the supplier,
recipient, and the transportation.
 E – WAY BILL IN GST:
E-way bill is a mechanism to ensure that goods being
transported comply with the GST Law and is an effective tool to track movement of
goods and check tax evasion. The validity of e-way bill depends on the distance to be
travelled by the goods.

 ACCOUNTING ENTRY FOR GST IN EWAY:

For accounting entries under GST, you must maintain the
following accounting ledgers -Input CGST A/C, Output CGST A/C, Input SGST A/C,
Output SGST A/C, Input IGST A/C, Output IGST A/C, and Electronic Cash
Ledger (Government GST portal to pay GST). You can divide it into two- Intra State
and Inter-State entries.

 PURPOSE OF ENTRY:
A Data Entry role involves entering data from various sources
into the company computer system for processing and management. A candidate
working in data entry will need to efficiently manage a large amount of information
that is often sensitive or confidential.

 CONCLUSION:
Such analyses help the auditor to draw conclusions regarding
various aspects of the line items of the financial statements. These conclusions should
be independent and factual, and not based on assumptions. A set of such conclusions
leads to forming an opinion.

 OUTCOME:
However, GST results in increase in the lease payments. Rate of
GST on IT sector has increased to 18% but the IT industry will enjoy an increase in
sales thanks to demand of GST software. Impact of GST on export of goods and
services is going to be positive.