E-Way Bill
Definition
An electronic document required for transporting goods worth more than Rs. 50,000 within or between states. Generated on the GST portal. HelloBooks auto-generates e-way bills with delivery challans.
Related Terms in India GST
Reverse Charge Mechanism (RCM)
The Indian GST provision making the recipient, rather than the supplier, liable to pay tax on specified supplies, including certain services such as legal and goods transport agency services, and purchases from unregistered suppliers. The recipient pays in cash and may then claim input tax credit subject to the usual conditions.
Zero-Rated Supply
A supply taxed at zero per cent where the supplier may still reclaim input tax, in India covering exports and supplies to Special Economic Zones. Zero-rating preserves input credit, which is what distinguishes it from an exempt supply.
Exempt Supply
A supply on which no GST is charged and for which related input tax credit cannot be claimed. Because credit is blocked, embedded tax becomes a cost, making exemption materially different from zero-rating.
Composition Scheme
A simplified GST option for smaller Indian taxpayers that substitutes a flat rate on turnover for normal rate-wise tax, with reduced filing. Participants cannot collect GST from customers or claim input tax credit, and eligibility turnover limits and rates are set by the GST Council.
Stop memorising terms — let HelloBooks do the work
AI-assisted bookkeeping that handles invoicing, GST, reconciliations, and reports automatically. Free to start.