e-Way Bill:
Purpose: e-Way Bill is an electronic document required for the movement of goods from one place to another when the value of the consignment exceeds a certain threshold, as determined by the respective state or national authorities. It ensures proper tax compliance during the transportation of goods.
Generation: The e-Way Bill is generated electronically on the GSTN (Goods and Services Tax Network) portal or through various third-party software and apps.
Information Required: The e-Way Bill includes details such as the GSTIN (Goods and Services Tax Identification Number) of the parties involved, the description of goods, their value, the place of origin, the destination, and the mode of transport.
Use: The e-Way Bill is essential for transporting goods, and it needs to be presented to the authorities during the transportation process.
e-Invoice:
Purpose: e-Invoice is an electronic invoice generated for all B2B (Business-to-Business) transactions. It is part of the government's efforts to standardize and digitize invoicing processes to curb tax evasion and streamline tax compliance.
Generation: The e-Invoice is generated through the Invoice Registration Portal (IRP) of the GSTN, which validates and registers the invoice.
Information Required: An e-Invoice contains details such as the supplier's GSTIN, buyer's GSTIN, invoice number, invoice date, item details, HSN (Harmonized System of Nomenclature) code, tax amounts, and other relevant invoice-related information.
Use: The e-Invoice data is directly reported to the GST portal, and the data is automatically used to update the seller's and buyer's GST returns. It eliminates the need for manual data entry, reduces errors, and ensures consistency in tax reporting.