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Since June, when the second wave of the Covid-19 pandemic was at its apex, e-way bill generation has been steadily increasing after falling below four crore in May. September’s figure was 70% higher than May’s and 3% higher than August’s. In September, daily e-way generation increased by 6.5 percent month over month to 22.65 lakh, up from 21.26 lakh in August.
52.69 lakh e-way bills were generated in the first 3 days of October, with a daily creation of 17.56 lakh. In October, when data for the entire month is collected, the daily average is likely to rise, based on recent weekly trends.
Businesses generated 6.59 crore e-way bills in August, up from 6.42 crore in July and 5.5 crore in June, thanks to the lifting of lockdowns. Before the second wave of crisis hit the economy in April-May, it was 7.12 crore.
The average monthly gross GST collection for the second quarter of the current financial year was Rs 1.15 lakh crore, which is 5% more than the first quarter’s average monthly collection of Rs 1.1 lakh crore.
The increased GST collections and e-way bill generation show that trade and commerce are on the rise. For the second quarter of the current fiscal year, gross GST collections averaged Rs.1.15 lakh crore every month. It’s a 5% increase over the average monthly income of Rs.1.1 lakh crore in the first quarter of the fiscal year. These figures show that the economy is recovering at a faster rate.
Chief Economist at ICRA, explain that Avg no of E-way invoices generated is promising in light of Challenges facing some sectors such as the automotive sector.
“Pre-holiday inventories and early shipment attempts to avoid Pre-Christmas season logistics delays are expected to further improve this indicator in Oct 2021. GST collection will be in the next 2 months. It is expected to increase gradually to around INR Each is 12k to 13k. “
As economic activity picks up ahead of the Festive season, e-way bill generation for goods transportation under the Goods and Services Tax (GST) system reached 6.79 crore in September, the highest since the start of the current financial year.
“This certainly suggests that the economy is rapidly rebounding. Anti-evasion operations, particularly action against false billers, have also contributed to increased GST receipts when combined with economic growth. The favourable trend in revenues is projected to continue, with stronger revenues predicted in the second half of the year,” the ministry of finance said in a statement on October 1.
E-way GST Invoice Generation at Highs for the 1st Time in 6 Months in Sept 2021 : Green Shoot for Economic Recovery
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