eWay bill generation hits a new record

 

The Centre said October saw an all-time high in eWay bill generation, at 641 lakh. Also, e-invoice generation reached 495 lakh in the first month of implementation.

An eWay bill shows goods were moved to a place after the requisite tax payment. It is mandatory for the movement of goods worth Rs. 50,000 or more, and its numbers are seen as a high-frequency economic indicator.

E-invoicing is the electronic reporting of details of specified GST documents on a government-notified portal and obtaining a reference number.

The 641 lakh eWay bills generated last month were the highest in a month over the “two-and-a-half-year journey of the eWay bill system”, said the National Informatics Centre (NIC) in a statement.

Over 495 lakh e-invoices were generated on the NIC portal by 27,400 tax-payers last month, it added. Every company with a turnover of Rs. 500 crore or more is required to generate e-invoices since October 1.