In 2024, electronic way bills (e-way bills) will continue to get significant changes aimed at improving efficiency, transparency, and compliance in the logistics and taxes sectors. These developments represent a global trend towards digital transformation in supply chain management. Let’s look at some of the E-way bill updates in 2024:
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Release of E-Waybill 2 Portal
Users can create and modify E-Way Bills autonomously on the E-Way Bill 2 Portal. This portal synchronizes details with the main portal almost instantly. When the main portal is down, update Part-B on any E-Way Bill and carry both slips.
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E-Waybill mobile app for Android is enhanced.
The traditional way of manual e-way bill management cannot handle the growing complexities and could result in financial losses for transporters in the event of a discrepancy. It can severely affect their productivity as well.
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Reporting of 4/6 digit HSN in e-Waybill from 1st February 2024.
Starting February 1, 2024, taxpayers with AATO under Rs. 5 crores must provide a four-digit HSN code. Consequently, they should therefore adjust their systems to input four or six-digit HSN codes when generating e-way bills.
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Withdrawal of Additional checks by GSTN from 1st March 2024
Initially, the NIC checked for inconsistencies between e-way bills and e-invoices; however, they withdrew this recommendation. Businesses who use e-invoicing for B2B and export transactions are unable to generate e-way bills without it.
Looking ahead, due to ongoing tech advancements and regulations, e-way bill systems are expected to evolve significantly. Blockchain integration for secure transactions and artificial intelligence for predictive analytics could transform logistics management in the next few years.
For ERP providers like Quarto, these updates present an opportunity to enhance the offerings. Continually visit our ERP website for updates and insights on supporting your business amidst changing regulations. Now, that’s all about the latest E-way bill updates in 2024.
Also read: Latest updates in GST
