E-Way Bills Generation Surges 16 Per Cent In FY24, Indicating Economic Growth: FinMin

During FY24, the amount of e-way bills generated surged to Rs 110.11 crore, while during the same figure stood at Rs 94.42 crore in the preceding fiscal year

As of July 1, 2024, the Goods and Services Tax (GST) completed seven years

Source : Other

The Finance Ministry on Monday said that e-way bill generation has surged in the past year and this is indicative of strong economic growth. The Union ministry said that in the 2023-24 fiscal year (FY24), the number of e-way bills generated increased by 16 per cent compared to the bills generated in the 2022-23 fiscal year (FY23). 

During FY24, the amount of e-way bills generated surged to Rs 110.11 crore, while during the same figure stood at Rs 94.42 crore in the preceding fiscal year. In the 2021-22 fiscal year (FY22), the e-way bills generated an amount of Rs 77.39 crore.

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

Sharing the data via a post on social media platform X, formerly known as Twitter, the ministry said, “Upsurge in e-Way Bills generation indicates #Sustainable and robust economic growth in #7yearsofGST.”

As of July 1, 2024, the Goods and Services Tax (GST) completed seven years. To mark the occasion, the ministry shared several posts highlighting how the tax system has helped reduced the compliance burden for several taxpayers.

In another post, the ministry stressed on how compliance with the GST system can help Small and Medium Businesses (MSMEs) gain credit access. "In an initiative for growth and opportunities for the taxpayers,  GST registration  and #compliance can also facilitate MSMEs in getting  Credit/Business Loans," the post read.

In an initiative for growth and opportunities for the taxpayers, GST registration and #compliance can also facilitate MSMEs in getting Credit/Business Loans. #7yearsofGST pic.twitter.com/MyA3Bvym0N

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

As a recommendation to further help small taxpayers, the ministry informed that the GST Council has proposed that taxpayers with an annual aggregate turnover of up to Rs 2 crore would not need to submit annual return.

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