Surge in e-way bills generation suggests robust economic growth: FinMin

In FY24, the e-way bills generated jumped to Rs 110.11 crore from Rs 94.42 crore in FY22.

The Union ministry of finance on July 1 said the number of e-way bills generated in the last financial year had recorded a 16 percent growth over FY23, indicating a robust economic growth.

In FY24, the e-way bills generated jumped to Rs 110.11 crore from Rs 94.42 crore in FY22.

“Upsurge in e-Way Bills generation indicates #Sustainable and robust economic growth in #7yearsofGST,” the ministry said in a post on X.

Upsurge in e-Way Bills generation indicates #Sustainable and robust economic growth in #7yearsofGST. pic.twitter.com/o1NBbhlW06

— Ministry of Finance (@FinMinIndia) July 1, 2024

The goods and services tax regime completed seven years on July 1 and the ministry posted a series of posts highlighting “reduction in compliance burden” for various taxpayers.

The ministry, in several other posts, said the norms have been relaxed for small taxpayers and businesses under GST regime.

7 years of GST: A revenue boost for Centre and States

“Compliance burden reduced for small taxpayers: Taxpayers having annual aggregate turnover upto Rs 2 crore are not required to file Annual Return (Form GSTR-9). #7yearsofGST.”

Compliance burden reduced for small taxpayers: Taxpayers having annual aggregate turnover upto Rs. 2 crore are not required to file Annual Return (Form GSTR-9). #7yearsofGST pic.twitter.com/jPdPAOu719

— Ministry of Finance (@FinMinIndia) July 1, 2024

The new regime has standardised most tax slabs across the country and has led to higher tax revenues, experts believe.

Monthly tax collections under GST regime has also doubled to an average of Rs 1.8 lakh crore in the previous three months. It was Rs 89,884 crore in its first year of implementation, moneycontrol reported on July 1.