Data from GSTN, the company that processes GST returns, showed that over 76.8 million e-way bills were raised in October, compared with more than 84 million electronic permits raised in September.
E-way bills, taken by analysts as a high-frequency indicator of consumption and production trends, remained well above 70 million since March, showing robust goods shipments across the country and witnessing sustained growth from May till September.
Experts did not see the slip in October as worrisome. “The decline in GST e-way bills is likely to be on account of the holidays during the festive period,” said Aditi Nayar, chief economist at rating agency ICRA Ltd.
GST revenue collections in October, a function of sales in the previous month, were the second highest at ₹1.52 trillion, the finance ministry reported on Monday.
The latest S&P Global India manufacturing PMI released on 1 November showed that growth in the Indian manufacturing industry remained robust, showing historically marked expansions in factory orders and quantities of purchases, while production growth outpaced its long-run average despite softening to a four-month low.
Manufacturing purchasing managers’ index rose from 55.1 in September to 55.3 in October, indicating a robust improvement in the health of the sector, S&P said on Monday.
The PMI data is based on a survey of around 400 manufacturers, while e-way bill data is based on actual transactions.
Source: Livemint
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