Generation of e-way bills under the Goods and Services Tax (GST) regime declined 5.4% sequentially in April to 133.3 million from an all-time high of 140.6 million in March as the year-end rush to move goods eased with the start of the new financial year, according to official data released by the Goods and Services Tax Network (GSTN).
The figure, however, marked a robust 11.8% increase compared to April of the previous year and ranked as the fourth-highest monthly generation on record. This sustained year-on-year momentum signals continued resilience in underlying economic activity and goods movement despite the sequential dip.
An e-way bill is an electronic document generated on the portal that evidences the movement of goods and indicates whether tax has been paid on them. Under Rule 138 of the CGST Rules, 2017, every registered person must generate an e-way bill for the movement of goods (not necessarily on account of supply) with a consignment value exceeding ₹50,000. The threshold can be lower for intra-state movements.
Decoding the April Dip
Manoj Mishra, Partner and Tax Controversy Management Leader at Grant Thornton Bharat, said the moderation compared to March figures appears largely seasonal in nature. “March typically witnesses elevated business activity driven by year-end sales push, inventory adjustments, and closure-related activities by companies. With the beginning of the new financial year in April, a sequential cooling-off in volumes is a normal trend and does not necessarily indicate a slowdown in consumption or trade momentum,” he said.
Mishra further said the 12% YoY growth in e-way bill generation for April reflects healthy movement of goods, and sustained formalisation of trade and supply chains under GST. “Overall, the e-way bill data continues to signal stable domestic demand and improving tax compliance trends, especially across manufacturing, logistics, and consumption-linked sectors.”
The data comes against the backdrop of a major GST rate rationalisation exercise undertaken by the government in September 2025. In April, the government collected a record Rs 2.42 lakh crore in GST revenue, despite the rate rationalisation exercise.