1 min read.Updated: 18 Oct 2021, 07:42 PM ISTLivemint
The daily average e-way bills generated upto 17 October stood at 2.17 million, against the daily average for the entire month of September of 2.26 million, data from GSTN showed
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NEW DELHI :
Daily average e-way bills--electronic permits for goods transportation--generated in the first half of October stayed nearly steady compared to that of September, showed official data.
The daily average e-way bills generated upto 17 October stood at 2.17 million, against the daily average for the entire month of September of 2.26 million, data from GSTN, the company that processes GST returns, showed on Monday.
The figures show that transportation of goods, a key economic indicator watched by analysts, is stabilizing around the current level after recovering from the trough seen in May this year when the second wave of the pandemic forced states to impose regional mobility curbs.
GST revenue collection in October is expected to be an improvement over the ₹1.17 trillion collected in September, going by e-way bill data. However, matching the ₹1.41 trillion revenue collected in April, the highest ever monthly GST receipts by the central and state governments, would be a tall order.
GST authorities have in recent months tightened the tax credit rules, a factor that has aided GST revenue growth, along with the economic recovery and a surge in commodity prices. However, a boost in consumption on account of the festive season, could support revenue collection growth in coming months.
The monthly economic report from the finance ministry for September released last week said that several indicators in August and September including power consumption, GST receipts, rail freight activity, e-way bills and highway toll collections showed the evidence of a broad-based economic recovery. The government is banking on the festive season, along with sustained vaccination and well-timed policy steps such as offering incentives to new factories, to give it another booster shot to the economy.