After September high, e-way bills soften 4% to 126.85 million in October

Tax experts said the month-on-month moderation in October may also reflect transitional business responses that have been observed since the GST-2 rate rationalization exercise of September 20222

E-way bills moderated almost 4 per cent in October to 126.85 million after a record high in September, reflecting stabilisation in goods movement and trade adjustments linked to changes in Goods and Services Tax (GST).

 

E-way bill generation grew 8.2 per cent year-on-year (Y-o-Y). According to the Goods and Tax Network’s data, 132 million e-way bills were issued in September. At 126.85 million, October's e-way bill generation was the fourth highest monthly figure after September, July and August this year. The bills are needed for moving goods valued above Rs 50,000.

 

Tax experts said the month-on-month moderation in October may also reflect transitional business responses after GST rationalisation exercise in September. The restructuring of rates often prompts industries to advance or delay dispatches depending on expected tax incidence.

 

Abhishek A Rastogi, founder of Rastogi Chambers, said e-way bills reflect compliance trends and policy cues. The 8.2 per cent Y-o-Y increase in e-way bill generation signifies an expansion in the scale of business transactions and a steady improvement in compliance culture, he said. However, the 4 per cent month-on-month decline suggests that the pace of movement of goods stabilised after a surge.

 

“This fluctuation can be attributed to business decisions taken around the time of [GST] rate rationalisation announcements, when many businesses expedite dispatches or complete supplies to mitigate the impact of expected rate changes. Such patterns reaffirm that tax policy announcements often influence short-term trade flows,” said Rastogi.

 

Shivam Mehta, executive partner at Lakshmikumaran & Sridharan Attorneys, said e-way bill issuance does not necessarily mean increase in sales, as the digital permits are not mandatory for consignments valued below Rs 50,000 or when goods are transported using non-motorised means.

 

“Sales saw a sharp spike post September 22, 2025, driven by festive demand, following a period of halted purchases. However, this surge may not sustain at the same level in the coming months. To assess true growth, it is essential to compare this year's sales with those of the previous year,” Mehta said.