Business Today
Loading...

After surge in GST collections, record e-way bills in September mark strong economic revival

The finance secretary said that some major industrial states have shown very positive growth percentage in GST collection which is indicative of the process of economic recovery being on track

twitter-logoDipak Mondal | October 2, 2020 | Updated 07:56 IST
After surge in GST collections, record e-way bills in September mark strong economic revival

In what could be a big sign of revival of economic activities in the country, the month of September saw record e-way bill generation. Finance Secretary Ajay Bhushan Pandey today said e-way bills have hit a record high of 5.74 crore in September this year, which is 9.3 per cent more than those generated in the year-ago period. Last year in September, 5.24 crore e-way bills were generated.

Previously, February 2020 recorded the highest e-way bill generation at 5.72 crore.

ALSO READ: GST revenue collection rises 4% to Rs 95,480 crore in September

"On 30 September 2020, almost 26.19 lakh e-way bills were generated which is the highest ever count so far in a single day. Earlier on 29 February this year, 25.19 lakh e-way bills were generated, while on 31 January, around 24.74 lakh e-way bills were generated," he added.

The Goods and Services Tax (GST) collections in September were also encouraging as 4 per cent higher GST was collected in September this year compared to the same month last year.

The gross GST revenue collected in September 2020 is Rs 95,480 crore against Rs 91,916 crore in September 2019. This is for the first time in six months that the monthly GST collection this year has been more than the corresponding month last year. Monthly GST collections had seen sharp decline due to COVID-19 related lockdowns. In April this year, GST collections had shrunk by 72 per cent and in May by 38 per cent.

ALSO READ: MSMEs seek liberal GST norms for smoother transition to online selling

Terming both the record e-way bill generation and 4 per cent increase in September GST collection an 'affirmative' sign of economic recovery with increased business activities, the finance secretary said that some major industrial states have shown very positive growth percentage in GST collection which is indicative of the process of economic recovery being on track. He also expressed his hope that with the festive season coming in the next month, the government is confident of better recovery in GST Collection.

ALSO READ: New TCS to be levied on total sales consideration, including GST

  • Print
  • COMMENT
BT-Story-Page-B.gif
A    A   A
close