E-way bill generation in May touched 10.32 crore, second all-time high
By: Admin
June 20, 2024
Categories: GST Recent News
4 Min Read
E-way bill generation touched 10.32 crore in May, which is second all-time high generation. Normally, May does not see much activities, still, higher numbers could be attributed to increase in demands for electronic items, and other cooling products.
Data from GSTN shows, since the introduction, this is the third occasion, when e-WAY bill has crossed the 10 crore mark. An all time high was recorded in March this year, when generation was 10.35 crore, while previous second all time high was 10.03 crore in October last year. Rise in e way bill generation likely to have some positive impact on GST collection.
An e-WAY bill is an electronic document generated on a portal, evidencing the movement of goods. It also indicates whether tax has been paid for the moving goods. As per Rule 138 of the CGST Rules, 2017, every registered person involved in the movement of goods (which may not necessarily be on account of supply) of consignment value of more than ₹50,000 (can be lower for intra-state movement), is required to generate an e-way bill.
Barring November, e-WAY bill generation has been nine crore plus, since August last. Also, during the last fiscal i.e., 2023-24, seven out of 12 months, saw more than nine crore bill generations, and two, out of these seven months, recorded 10 crore plus. During the last three months (December, January, and February), more than 9.5 crore e-way bills had been generated. Also, October saw an all-time high generation of over 10 crore.
There are multiple reasons cited for higher generation. While e -WAY bills have been long prevalent in the Indirect Tax space, yet under GST, the linkage with e-invoicing, and the moving squads enforcing implementation, have resulted in the unorganised movements, and corresponding supplies being brought under the GST net.
According to experts, higher generation, reflects a notable increase in consumption across various sectors, with heightened economic activity, driving the need for transportation and logistics services. Moreover, the sustained growth in e-way bill generation also points towards the effectiveness of technology-driven scrutiny, and compliance mechanisms implemented by regulatory authorities.
Source from: https://www.thehindubusinessline.com/economy/e-way-bill-generation-in-may-touched-1032-crore-second-all-time-high/article68310718.ece