The daily e-way bill generation for goods transportation under the Goods and Services Tax (GST) stood at 24.86 lakh by the end of the 3rd week of October 2021, which is 17.6% higher than the previous week.
The daily average of e-way bills till the 3rd week of October 2021 was 22.68 lakh, which is 3.8% higher than the first three weeks of September 2021. The businesses generated 5.44 crore e-way bills till 24th October 2021.
The businesses should mandatorily generate an e-way bill for inter-state movement of goods when the consignment value exceeds Rs.50,000. The e-way bill numbers are expected to rise further in the short run, and collections for October 2021 could be more robust, keeping these weekly trends mas reference.
Another view on this rise is that this might be due to stocking up goods by wholesalers and retailers due to the festive season. The traders will sell out most of the goods if demand in the festive season is good, and there’s a chance for the second round of demand.
However, if this trend is sustained even after the festive season, it will indicate economic revival from the root level. The e-way bill numbers for the last three months are as below:
|No.of e-way bill
However, the highest in this calendar year was 7.12 crore e-way bills in March 2021. The festive season effect in October 2021 might help touch or even cross the seven crore e-way bills mark.
Higher e-way bills generation is reflected in higher GST revenues. The GST collections stood at 1.17 lakh crore in September 2021, up by 23% year-on-year and 4.5% month-on-month. This increase in GST collections indicated a sustained pick-up in trade and commerce.
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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.