In the month of September, the e-way bill generation for goods transportation under the Goods and Services Tax (GST) stood at 6.79 cr September which is the highest since the beginning of the present financial year as the economic activity accumulates the speed in the coming festive season.
E-way bill generation is registering a constant rise from June post to fall below 4 cr in May when the 2nd wave of the covid-19 pandemic was at rise. In the month of September, the number was higher with 70% with respect to May and 3% higher than August. On the daily grounds, the e-way bill generation has risen by 6.5% month-on-month to 22.65 lakh in September as compared to 21.26 lakh in August.
In the first 3 days of Oct, there were nearly 52.69 lakh e-way bills created, it shows the daily generation has stood at 17.56 lakh. Weekly trends revealed the daily average is urged to be raised in Oct when the data of the complete month is undertaken.
With the covid unlocking process, the e-way bill generation through the businesses shall rise to 6.59 cr in August from 6.42 cr in July and 5.5 crores in June. It was 7.12 cr generated in March prior to the 2nd wave that struck the economy in April-May.
The more generated e-way bills display more GST revenues. GST collections stands at Rs 1.17 lakh crore in September (largely August transactions), up 23% year on year and 4.5% month-on-month, which shows the rise in businesses. Information specified that Nikkei manufacturing PMI has taken a peak with 53.7 in September from 52.3 in the before month.
The average monthly gross GST obtained for the 2nd quarter of the present fiscal year is Rs 1.15 lakh cr which is 5% more than the average monthly collection of Rs 1.1 lakh cr in the 1st quarter of the year.
“This clearly indicates that the economy is recovering at a fast pace. Coupled with economic growth, anti-evasion activities, especially action against fake billers, have also been contributing to the enhanced GST collections. It is expected that the positive trend in the revenues will continue and the second half of the year will post higher revenues, mentioned by the finance ministry.”
