The e-way bill generation for goods transportation under the Goods and Services Tax (GST) has improved pace in July 2021, indicating a gradual pick-up in economic recovery. The taxpayers have generated more than 4.96 crore e-way bills between 1st July 2021 and 25th July 2021. The higher e-way bills generation will increase GST revenue.
The average daily e-way bill generation was as follows:
- Average in first 11 days of July 2021: 19.24 lakh
- Average in 2nd week of July 2021: 20.40 lakh
- Average in 3rd week of July 2021: 20.20 lakh
Also, the average daily e-way bill generation stood at 19.83 lakh in the first 25 days of July 2021, which is 8.8% higher than the average for June 2021 and 54% higher than May 2021.
After remaining above the Rs.1 lakh crore mark for eight months in a row, GST collections were reduced to Rs.92,849 crore in June 2021 (collected for May 2021 transactions), reflecting the fall in the economy due to state-wide lockdowns.
e-Way bill generation by businesses rose to 5.5 crores in June from 3.99 crores in May as there is a reduction in COVID-19 case numbers and easing of the lockdowns, indicating a recovery of trade and business. Also, around 5.9 crore e-way bills were generated by taxpayers in April 2021.
The progress in vaccination drive and reduction of cases in the COVID-19 second wave increased the business activity of July 2021. The robust steps taken towards curb evasion increased compliance, and a shift of business away from the informal sector in recent months helped increase the GST revenue.
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DVSR Anjaneyulu known as AJ, is a Chartered Accountant by profession. Loves to listening to music & spending time with family and friends.