E-way bill generation at all time high as festive season arrives

E-way bills, or electronic way bills, reflected a growth of 19 per cent this year after their generation reached an all-time high of 78.21 million in August. The monumental number of bills generated in this quarter highlights the acceleration of shipments as the festive season has started to gain momentum. From the total 78.21 million bills generated, 48.83 million belonged to Intra-state, when goods are being moved within the state, and 29.38 million were from the Inter-state e-ways, when goods are being moved between states, as reported by Financial Express.

E-way bill is an electronic receipt or document that is generated on the Goods and Services Tax portal (GST) whenever there is a movement of goods from one place to another. The bill is required to be generated by the transporter before the consignor initiates the movement of goods. The consignment value needs to be over Rs 50,000 for Intra-state and Rs 1,00,000 for Inter-state for the requirement to exist.

In March this year, the generated e-way bills stood at 78.16 million, which resulted in a gross GST receipt worth Rs 1.68 trillion. The graph that is being charted out in this fiscal year suggests that GST collection will continue to hover around Rs 1.5 trillion. Going by the numbers being projected, the GST receipt in the fiscal year 2023 is expected to reach the target of Rs 3 trillion.

Talking about the buoyant e-way bill generation, Abhishek Gupta, Joint Secretary, All India Transporters Welfare Association (AITWA), said, “Automotive sales have picked up substantially in August. Also, wholesalers are stocking up for the festive season, which has already begun with Ganesh Puja.”

The e-way bill generating mechanism was implemented in 2018, following the recommendations of a ministerial panel led by Kerala Finance Minister KN Balagopal. The mechanism ensures a robust tracking of goods being transported under the GST laws. In addition to this, the system was brought in to keep a check on tax evasion.

Read all the Latest News , Trending News , Cricket News , Bollywood News , India News and Entertainment News here. Follow us on Facebook , Twitter and Instagram .