E-way bill generation gathers pace
Stipulating a pick-up in economic recovery, E-way bill generation for goods transportation gathered swiftness in July, as the consequence of the second covid wave wanes.
The average daily e-way bill generation stood at 19.24 lakh, 5.6% higher than the average for June and 49% higher than the May level in the first 11 days of July.
As stated, 2.12 crore e-way bills were generated between July 1 and 11. Higher bill generation will reflect in goods and service tax (GST) revenues.
Reflecting the blow to the economy from the confined restrictions, the gross GST collections after enduring over Rs 1-lakh crore mark for eight months in a row, came in at Rs 92,849 crore in June (May transactions).
Grateful to the decrease in Covid cases and relieving of the lockdowns, bills generated by businesses spring up to 5.5 crores in June, from 3.99 crores in May, showing a smart recovery of trade and business. Around 5.9 crore e-way bills were generated in April.
With the influence of the second covid wave dwindling and vaccination drive making progress, some parts of the economy are expected to look up from July.
The government’s GST revenue has been vigorous in recent months, thanks to steps taken to restraint evasion, increased adherence and also the shift of business away from the informal sector. A growing economic recovery that seems to have been rapidly disturbed by the pandemic’s second flow also helped out.