This will get reflected in GST collection
The e-way bill generation is set to cross five crore-mark in July, but it is still lower than the all-time high of 7 crore plus registered in March this year. A higher number is indicator of better GST collection.
According to latest data from GSTN (the IT back bone of GST system), e-way bill generation touched around 4.96 crore as on July 25 — over 1.93 crore for inter-State and over 3.02 for intra-State. E-way bill is required to be generated by a registered GST taxpayer for the movement of goods if the value of the consignment is more than ₹50,000 for inter-State movement. For intra-State movement, the limits vary from State to State.
Total e-way bills generated stood at 5.47 crore in June 2021, which shows 26 per cent YoY (year-on-year growth over June 2020, and 10 per cent growth compared to June 2019). This augurs well for GST collections in July for which data will be released on August 1. Data of e-way bill for July will show its impact in GST collection in August, which will be made public on September 1.
As e-way bill data for March was record 7.12 crore, collection in April clocked all time high of ₹1.40- lakh crore. However, due to localised lockdown, e-way bill generation data dropped to around 4 crore and it impacted collection in June when mop-up was around ₹93,000 crore. On the basis of this trend, expectation is collection will regain ₹1-lakh crore or more in July.
Help for compliance
Meanwhile, leading business management software provider Tally Solutions has unveiled new version of its product TallyPrime and claims it will help businesses to be more compliant but at a lower cost for e-way bill. Tally Solutions has said that its latest version of business management software TallyPrime will allow businesses to easily generate e-way bill instantly for the movement of goods.
It will eliminate the need to manage multiple systems and data across multiple systems and will ensure that the entire workflow – generation, cancellation, completion, delay, can be managed directly from the software. Thereby, “enabling business to become more compliant and reduce the cost of compliance at the same time,” it said.
It claimed that the software also provides comprehensive set of reports by tracking all the related activities in diverse scenarios that may arise during the lifecycle of an e-way bill. “With seamless connected capabilities in this latest version of TallyPrime, we intend to simplify compliance and reduce the cost of compliance for small and medium businesses across the country so they can get back to work confidently,” Tejas Goenka, Managing Director of Tally Solutions, said.