e-Way bill generation has reached the highest in the last six months at 6.79 crore e-way bills created during September 2021. Time and again, rising monthly GST collections are directly reflective of a higher e-way bill generation during that month.
GST collections in September 2021 amounted to Rs.1.17 lakh crore, which mainly comprised transactions for August 2021. There is a rise in GST revenue collections by 23% when seen year-on-year and an increase of 4.5% on a month-on-month basis.
The number of e-way bills generated during September 2021 will directly be linked to the GST collections of October 2021. Since it is the highest monthly count since the beginning of FY 2021-22, the revenue collections for October 2021 are expected to be higher.
Further, the e-way bill number is going to increase in October 2021 due to the festive season. The generation of e-way bills has gained a steady upward momentum since June. It had fallen to less than four crores in May 2021 while the COVID-19 outbreak was at its peak.
The count for September 2021 was 70% more than May 2021, whereas 3% higher than August 2021. The average daily e-way bill generation grew by 6.5% month-on-month to 22.65 lakh in September 2021, which was 21.26 lakh in August 2021.
52.69 lakh e-way bills were generated up to 3rd October 2021, indicating an average daily generation of 17.56 lakh. Hence, the weekly uptick suggests that the daily average may rise further in October 2021. It can be confirmed when complete monthly data is available towards the end of October 2021.
The e-way bills generated by businesses were recorded at 6.59 crore in August 2021. It grew from 6.42 crore for July 2021 and 5.5 crore e-way bills for June 2021. The number was 7.12 crore in March 2021 before April-May 2021, when the second wave hit the country. The rise can be attributed to relaxations provided through the lifting of lockdowns.
The rising GST collections and e-way bill generation depict a consistent uptick in trade and commerce. The gross GST collections for the second quarter of the current financial year averages out to Rs.1.15 lakh crore per month. It is 5% more than the average monthly revenue of Rs.1.1 lakh crore for the first quarter of the financial year. These indicate that economic recovery is happening at a faster pace.
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Annapoorna, popularly known as Anna, is an aspiring Chartered Accountant with a flair for GST. She spends most of her day Singing hymns to the tune of jee-es-tee! Well, not most of her day, just now and then.