June e-way bill generation signals green shoots in economic recovery

NEW DELHI: An average of 14.26 lakh e-way bills, which are required for transportation of goods valued at over Rs 50,000, were generated each day in the month of June, which is 77% of the average number of bills generated per day in the pre-lockdown phase, GST Network said on Sunday.
In total 4.27 crore e-way bills valued at over Rs 12.40 lakh crore were generated by businesses and transporters during June, higher than 4 crore bills worth Rs 11.43 lakh crore generated in March, reflecting uptick in economic activity with gradual lifting of lockdown, GST Network (GSTN) said in a statement.
In April and May, 84.53 lakh ( Rs 3.90 lakh crore) and 2.51 lakh ( Rs 8.98 lakh crore) such bills were generated.
In comparison, in February and January 5.63 crore ( Rs 15.39 lakh crore) and 5.61 crore ( Rs15.71 lakh crore) e-way bills were generated, respectively, on the government portal.
As per e-way bill generation data, an average of 18.49 lakh e-way bills were generated per day by businesses and transporters between January 25-March 24, 2020.
This number came down drastically to 1.72 lakh during Lockdown Phase-1 (March 25-April 14).
In Lockdown Phase-2 (April 15-May 3) and Phase- 3 (May 4-May 14), it stood at 3.51 lakh and 6.75 lakh, respectively.
In Lockdown Phase-4 (May 15-May 31), it was at 9.84 lakh. In Unlock 1.0 in the month of June, the number rose to 14.26 lakh per day.
A nationwide lockdown to check the spread of coronavirus was imposed on March 25.
GSTN, which manages the IT backbone for Goods and Services Tax (GST), said it is evident from the month on month comparison of generation of e-ways bills, both in terms of numbers and value that economic activities are on upswing and on road to recovery.
“The upwards trend means Unlock 2.0 is going to have more reasons to cheer. Based on the current trend, it is expected that the cargo movement will further accelerate in the Unlock 2.0, which along with other indicators is a healthy sign of an early economic recovery and stability,” GSTN said.
It said with restrictions easing, the number grew rapidly between May and June.
“The data substantiates that the Indian economy is gathering pace with the movement of goods rebounding close to pre-lockdown levels and GST collections rising sharply,” GSTN added.
GST collection in June rose to Rs 90,917 crore from Rs 62,009 crore in May and Rs 32,294 crore in April.

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