eway bill: E-way bills clock 64.1 million in July – The Economic Times

Clipped from: https://economictimes.indiatimes.com/small-biz/gst/e-way-bills-clock-64-1-million-in-july/articleshow/85003192.cmsSynopsis

E-way bills are needed for transportation of goods of more than Rs 50,000 in value. With states easing restrictions and removing lockdowns amid loosening grip of the second Covid wave, business activity has improved in July compared to previous months.

Over 64.1 million e-way bills were generated in July, the second highest after peak of 71.2 million in April in a year, reflecting sharp recovery in business activity.

According to data from goods and services tax network (GSTN), e-way bills clocked 17.4% higher in July versus June when 54.6 million were issued.

E-way bills are needed for transportation of goods of more than Rs 50,000 in value. With states easing restrictions and removing lockdowns amid loosening grip of the second Covid wave, business activity has improved in July compared to previous months.

July numbers, which include 24.8 million for inter-state and 39.2 million for intrastate movement of goods, are the second highest in a year since June 2020.

Daily average in July is also amongst the highest in a year, at 2.06 million, second to the daily average in April at 2.37 million. In comparison, daily average in May was 1.28 million and June was 1.82 million.

E-way bill generation for May and June stood at 39.9 million and 54.6 million, respectively.

Experts said that rising e-way bill generation will also lead to better GST collections during August, which will get reported in September.
E-way bills provide a direct correlation to purchases and transactions, and therefore demand and consumption in the economy.

“With sequential spurt in e-waybill generation, and simultaneous increase in vaccination, easing out of Covid restrictions, data analytics in place, GST rate rationalisation on cards, we may see acceleration in revenue from GST in coming months,” said Aditya Singhania, partner at Singhania’s GST Consultancy Co.

GST collections for July rose to Rs 1.16 lakh crore, for transactions done in June, from Rs 92,849 crore in June recorded for transactions done in May. The government expects collections to rise further in August, from transactions done in July.

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