The number of e-way bills made for the interstate trade in the goods beneath the GST framework lies at 23.59 lakh a day in the first 13 days of February, 14% more than the first 16 days of the former month showing a pick up in commerce post to the spread of the Omicron variant.
Generation of e-way bills reduced by 4% on the month to 22.2 lakh in January with respect to 23.1 lakh in December month. In the first 13 days of February, the e-way bills stood at Rs 3.07 crore.
GST E-way Bills Generation is a Proxy of Tax Revenues Collection
Gross GST collection arrived at Rs 1.41 lakh crore in the month of January (Dec sales). However e-way bills generation has reduced by 4% in January compared to December the GST collections can be nearby Rs 1.3 lakh crore for the month of February (Jan sales) as per the current movement. Bills generation at 7.35 cr in the month of October was the highest monthly information.
However, if we consider the increased volume of GST e-way bills generated this time, we can find the conclusion that the country is creating much more revenue out of the GST tax also there is an increase in the overall GST compliance from the assessee side.
As we have seen in the past that whenever the Covid induced lockdowns are placed on the country market, the GST e-way bill has seen the lowest generation in a matter of time.
