The government is tracking the Goods and Services Tax GST e-way bills analytics real time due to an unusual spike in demand for some goods and services, the Election Commission of India said on March 16.
“GST e-way bills analytics will be tracked real time to track unusual spikes seen in the demand for some goods and services,” the Chief Election Commissioner Rajiv Kumar said in the press conference.
Under the goods and services tax (GST) regime, e-way bills are required for inter-state transportation of goods valued over Rs 50,000.
Businesses with turnover above Rs 5 crore are now supposed to generate e-way bills including e-invoice details for all B2B transactions from March 1, 2024.
“Real-time GST e-way bill analytics offers a powerful tool for monitoring demand spikes in goods, aiding in compliance, and providing insights for supply chain optimisation. By analysing these electronic documents, authorities and businesses can detect market trends, ensure tax compliance, and make informed decisions. However, balancing the benefits with data privacy and regulatory considerations is essential to maximise its effectiveness without overburdening businesses,” Rajat Mohan, Executive Director, tax consultancy firm MOORE Singhi, told Moneycontrol.
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