GST E-Way Bill Generation Sets 2nd All-Time High Record in Feb 2024

In February the e-way bill generation has been increased to 9.73 crores. In 4 months it is the highest and indeed the all-time high generation for the second time. In March it is anticipated to secure a positive impact on GST collection. Since February is just 29 months, numbers for the month are also crucial. The Finance Ministry shall arrive with the data collection for March on April 1.

An e-way bill is an electronic document generated on a portal, showing the movement of goods and signifying whether tax has been paid or not. According to Rule 138 of the CGST Rules, 2017, every registered person, who causes the movement of goods (which may not be required to be on account of supply) of consignment value exceeding ₹50,000 (can be lower for intra-state movement) is directed to generate an e-way bill.

In the last 3 months (December, January, and February) e-way bill generation has exceeded 9.5 crore. Also, October witnessed an all-time high generation of around 10 crore. Effective compliance is the basic reason for that. However, this is not the main reason for the collection of nearly Rs 1.66 lakh crore, experts consider this as one essential reason behind the higher collection, and the trend is expected to continue further.

Read Also: GST E Way Bill Registration Quick Guide with Full Procedure

What does the high generation stand for? As per tax experts, an e-way bill is a barrier to GST evaders by monitoring the movement of goods and supplies. The majority of the cases in the last 6 years of GST, going to the High Court are because of certain non-compliances in E-Waybill regulations, certain genuine suppression, and some negligent mistakes.

As per the tax expert, the rise in the GST e-way bill shows distinct trends in India’s economic landscape. It shows an effective rise in consumption in distinct sectors with stronger economic activity driving the need for transportation and logistics services. The same increase in the e-way bills is assurance in industries like FMCG and electronics, in which the year-end supplies and boosted demand contribute to the rise. “We might notice the highest e-way bill generation in Mar-24 breaking the Oct-23 numbers because of year-end supplies across industries especially FMCG and electronic sectors,” he added.

Recommended: Record-Breaking 10.3 Crore GST E-Way Bills in October 2023

The rise in the e-way bill impact is anticipated to manifest at the macroeconomic level with surged production, job creation, and overall economic growth. As Bharat carried on to increase its contribution to the global supply chain and expand its ability to manufacture, the positive effects on the economic indicators seem to become effective in the forthcoming months, strengthening the narrative of the growth story of Bharat.

GST E-way Bill Graph from Feb-23 to Feb-24