November 8, 2023
This surpassed the previous peak of INR 9.34 crore in August
E-way bills are obligatory for the transportation of consignments valued at over INR 50,000
The increased collections are anticipated to provide the necessary support to the government's revenue to help meet its fiscal deficit target
According to the GST Network, the IT infrastructure supporting GST, e-way bills valued at INR 6.29 crore were issued in October
The issuance of e-way bills reached a new record high of INR 10.3 crore in October 2023. This surpassed the previous peak of INR 9.34 crore in August.
The surge can be attributed primarily to heightened festive-season consumption and improved compliance practices, which are anticipated to have a positive impact on goods and services tax (GST) collections in November.
E-way bills are obligatory for transporting consignments valued at over INR 50,000, making them an early indicator of economic demand and supply trends. The effects of this trend are subsequently reflected in macroeconomic indicators, albeit with some time lag.
The sustained momentum in e-way bill generation during October is expected to be mirrored in the GST collection figures for the same month, which will be reported in November.
The increased collections are anticipated to provide the necessary support to the government’s revenue to help meet its fiscal deficit target. In September, e-way bill generation had briefly dipped to INR 9.2 crore. Despite this, GST collections surged to INR 1.72 trillion in October, marking the highest monthly revenue since the INR 1.87 trillion recorded in April.
According to the GST Network, the IT infrastructure supporting GST, e-way bills valued at INR 6.29 crore were issued in October for intra-state shipments and INR 3.73 crore for inter-state movements.
Experts attributed the increase in e-way bill generation to the purchases made by consumers and the replenishment of stocks in the supply chain to meet the anticipated demand during Diwali. They also noted that enhanced scrutiny by revenue authorities and improved compliance by taxpayers contributed to this growth.
Source: Business Standard