Generation of E-way Bill hits all time high at Rs. 10.3 crore in October 2023:

Generation of E-way Bill hits all time high at Rs. 10.3 crore in October 2023 E-way bills, or electronic permits, issued by enterprises for the transportation of products inside and across states reached an all-time high of Rs. 10.3 crore in October 2023, exceeding the previous record of Rs. 9.34 crore set in August. This is mostly due to festive-driven consumption and improved compliance practices, which are likely to boost GST collection even further in November. E-way invoices are required for the movement of consignments worth more than Rs. 50,000 and are thus an early indicator of economic demand and supply patterns. With a lag, this is reflected in macroeconomic indicators. The continuous momentum in e-way bill generation in October is expected to be reflected in the October GST collection figures, which will be reflected in the November data. The increase in collections would offer the necessary cushioning to the Centre's receipts in order to keep the fiscal deficit target. In September, e-way bill generating had slowed slightly to Rs. 9.2 crore. Despite this, GST collection increased to Rs. 1.72 trillion in October, the highest monthly total since April's Rs. 1.87 trillion. According to the GST Network, the IT backbone of GST, e-way bills worth Rs. 6.29 crore for products carried inside states and Rs. 3.73 crore for inter-state shipments were generated in October.