Money

Better GST mop-up possible: In 20 days, June e-way bills rise 34% over month ago

After falling to a one-year low in May, digital means (e-way) invoice technology underneath the products and companies tax (GST) regime gathered momentum in June, signalling a pickup within the tempo of financial exercise after the second wave of the coronavirus pandemic.

E-way bills within the first 20 days of June rose to three.28 crore, a rise of 34.4 per cent from 2.45 crore within the corresponding interval of May, a sign that GST collections would possibly enhance for July (for gross sales in June) from the degrees that are prone to be decrease in June (for gross sales in May).

In worth phrases, e-way bills generated within the first 20 days have been value Rs 10.58 lakh crore in June as in opposition to Rs 8.79 lakh crore value of e-way bills within the first 20 days of May, authorities knowledge confirmed.

E-way invoice technology stood at 6.72 crore in March, 5.73 crore in April after which declined sharply to three.95 crore in May, reflecting the affect of the second wave of the pandemic.

It bought mirrored within the file GST assortment in April (for gross sales in March) at Rs 1.41 lakh crore.

GST collections in May (for gross sales in April) had proven muted affect of the localised lockdowns in varied states by topping Rs 1 lakh crore for the eighth month in a row, however the sequential dip in May is predicted to point out up in June GST collections.

In fiscal 2020-21, 61.68 crore e-way bills have been generated, whereas for 2019-20, 62.88 crore e-way bills have been generated.

(*20*) common technology of day by day e-way bills improved within the second fortnight of June, at over 16.88 lakh from 12.22 lakh within the corresponding interval of May displaying a pickup within the items motion throughout the nation.

Under the oblique tax regime, e-way bills are obligatory for inter-state transportation of products valued over Rs 50,000 from April 2018, with exemption to valuable objects equivalent to gold. About 180 crore e-way bills have been generated within the three years until March 2021.

Back to top button