New Delhi: India’s electronic permits needed to transport goods within and across states have crossed 140.6 million in March, its highest in the GST regime that was rolled out in July 2017. The volume showed hectic year-end movement of goods in the supply chain.
E-way bills generated in March were 6% more than the previous month and 12% higher than the year-ago level, government data showed on Friday.
The fiscal year-end inventory clearance typically leads to a spike in e-way bill generation in March, which tends to push up GST revenues in April. Historically, April GST revenue receipts have seen a spike.
In April 2025, the net GST collection of central and state governments was at ₹2.09 trillion. The rates were rationalized in September 2025.
In March this year, the combined central and state GST revenue receipts were up 8.2% from a year ago at ₹1.78 trillion after adjusting for refunds. In FY26, the net figure was up 7.1% at ₹19.35 trillion.
Among India’s other high frequency economic indicators, automobile sales rose 25% annually in March to 2.69 million vehicles, marking an “emphatic close to a landmark financial year,” the Federation of Automobile Dealers Association (Fada) said in a statement on 6 April, quoting its president C.S. Vigneshwar.
Quoting its purchase managers’ survey, S&P Global had earlier this month said India’s overall manufacturing industry conditions—based on new orders, output, employment, supplier delivery times and stocks of purchases—showed the weakest growth in nearly four years, down from 56.9 in February to 53.9 in March.
Tax experts said that e-way bill data signals improved reporting of goods movement as well as robust consumption demand. The data indicates demand remains resilient across sectors in spite of geopolitical tensions across the globe, said Saurabh Agarwal, tax partner at EY India.
Measures such as e-invoicing, real-time GST Network (GSTN) integration and tighter compliance frameworks are deepening formalization and expanding the reporting base, he said.
In its monetary policy review, the Reserve Bank of India on Wednesday projected a 6.9% real GDP growth for India in FY27, while raising the estimate for FY26 to 7.6% under a new series.
The central bank said a further escalation and spread of the West Asia war, heightened volatility in the global financial markets and weather-related events could weigh on the growth outlook.
