E-way bill generation under the Goods and Services Tax (GST) regime grew 12 per cent year-on-year in April to 133.37 million, marking the fourth-highest level, according to data released by the Goods and Services Tax Network (GSTN).
An e-way bill is an electronically generated document mandated under the GST regime for the movement of goods valued at more than ₹50,000. It contains details of the consignment, consignor, consignee, and transporter, and is designed to prevent tax evasion while enabling real-time tracking of goods movement across states.
The April number was nearly 12 per cent higher year-on-year, indicating sustained momentum in goods movement and economic activity. However, on a month-on-month basis, e-way bill generation fell 5.1 per cent from March levels.
The record-high monthly generation was registered in March at 140.6 million, while December 2025 and January ranked as the second- and third-highest months, respectively. It is to be noted that the government had undertaken a massive rate rationalisation exercise in September last year.
According to MS Mani, partner at Deloitte India, the e-way bill numbers, being a good barometer of economic activity evidenced by the movement of goods across the country, indicate that despite some challenges posed by the situation in West Asia, domestic consumption remains strong. “We will need to wait and watch on the sectoral impact emanating from the situation in West Asia, as some sectors have been significantly impacted,” Mani added.
According to Abhishek A Rastogi, founder of Rastogi Chambers, a 12 per cent year-on-year increase in e-way bill generation underscores that goods movement, supply chain activity, and consumption demand continue to hold firm across sectors. “The sequential dip from March should be viewed in the context of year-end inventory adjustments and the exceptionally high base created by March numbers. What is more important is that April still emerged as the fourth-highest monthly e-way bill generation since GST implementation, which points to sustained formalisation of the economy and stronger tax compliance trends.”
The strong April numbers come as early indicators for FY27, with private consumption expected to remain a key driver. India Ratings has projected private final consumption expenditure (PFCE) at 7.6 per cent in FY27, slightly up from the estimated 7.4 per cent in FY26. Overall real GDP growth forecasts for FY27 range from 6.5-7 per cent, according to agencies such as the Reserve Bank of India (RBI) (6.9 per cent), CRISIL, and S&P Global (6.6 per cent), though some global institutions — such as the International Monetary Fund (IMF) (6.5 per cent) and the World Bank (6.6 per cent) — cite downside risks from West Asia tensions and energy prices.
