After September High, E-Way Bills Soften 4% to 126.85 Million in October

 After September High, E-Way Bills Soften 4% to 126.85 Million in October

Issue: To analyze the month-on-month trend in the generation of e-way bills—a key indicator of inter-state and intra-state movement of goods—following the record high seen in September 2025 and the implementation of the GST rate rationalization (GST 2.0).

Facts:

• E-way bills are mandatory for moving goods valued above ₹50,000.
• The Goods and Services Tax Network’s (GSTN) data showed that 132 million e-way bills were generated in September 2025 (a record high).
• The GST rate rationalization was implemented in the last week of September.

Decision:

The generation of e-way bills in October 2025 moderated by almost 4% month-on-month (m-o-m) to 126.85 million.

Key TakeDowns:

• Stabilization Post-Surge: The month-on-month moderation suggests that the pace of goods movement stabilized after a surge in September. October’s figure (126.85 million) was the fourth highest monthly figure of the year.
• GST Transition Impact: Tax experts attribute the softening to transitional business responses following the GST rationalization in September. Businesses often expedite dispatches just before rate cuts (boosting September) or delay them afterward to adjust pricing and inventory, causing the subsequent dip.
• Annual Growth Remains Strong: Despite the month-on-month dip, e-way bill generation showed strong annual growth, increasing by 8.2% Year-on-Year (Y-o-Y). This signifies an expansion in the overall scale of business transactions and a steady improvement in compliance culture. * October Revenue Link: This moderation mirrors the softening seen in GST revenue collections for the same month, reinforcing the link between trade flows and tax receipts.