Compared to the last month, the e-way bill generation is picking up in February 2022. It indicates a spurt growth in consumption and GST receipts.
The count of e-way bills generated for inter-state transactions in goods was recorded at 23.59 lakh a day up to 13th February 2022. It is higher by 14% than the first 16 days of January 2022. It reflects the acceleration in trade and commerce with the Omicron variant COVID-19 spread subsiding.
The e-way bill generation had fallen in January 2022 by 4% month on month to 22.2 lakh compared to the count of 23.1 lakh in December 2021. However, there is an uptick in February 2022, with the e-way bills of 3.07 crore generated up to the 13th of the month.
The trend is seen when the gross GST collections for January 2022 stand at Rs.1.41 lakh crore. It was the highest revenue mop-up since the Goods and Services Tax (GST) law was launched in July 2017.
The e-way bill generation declined by 4% in January 2022 compared to December 2021. Despite this, the GST collections are expected to be approximately Rs.1.3 lakh crore for February 2022, following the trend, comprising the sales of January 2022.
The e-way bill generation posted a count of 7.35 crore in October 2021, which was the highest monthly figure. It was primarily due to the increased demand for goods ahead of the festive season.
But the trend could not keep pace with the passing time. In February, there is again an increase in the numbers, indicating higher GST collections in the upcoming month.
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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.