India’s e-way bill generation hit a record 11.7 crore in October, up 17% from last year, highlighting robust trade and economic activity driven by strong demand.
October witnessed an unprecedented surge in e-way bills for goods transportation in India, reaching a record 11.7 crore, marking a 17% increase compared to the same period last year, according to the Goods and Services Tax Network (GSTN).
The spike in e-way bills reflects heightened manufacturing and trade activity as the sector responded to robust demand during the festive season. This aligns with a recent HSBC survey indicating accelerated growth in India’s manufacturing sector, bolstered by new orders and international sales.
In October, the HSBC PMI for services also rebounded, with the index climbing to 58.5, showing strong consumer demand, increased output, and a peak in job creation over the past 26 months, as noted by Pranjul Bhandari, Chief India Economist at HSBC.
The rise in e-way bills and robust economic indicators contributed to a GST collection of Rs 1.87 lakh crore in October, India’s second-highest monthly revenue since GST’s inception in 2017, up 8.9% year-on-year. The boost in tax revenue is expected to support major infrastructure projects and social welfare initiatives, aiding economic growth and development.
