The number of e-way bills generated under the GST system rose 18.8% year-on-year to 132.6 million in February, according to data released by the Goods and Services Tax Network (GSTN). Despite being slightly lower than January's 136.8 million, the February figure represents the third-highest monthly total recorded so far, indicating continued momentum in goods movement across the economy.
The strong performance follows a record 138.4 million e-way bills generated in December, after GST rate rationalisation measures were implemented on September 22, 2025.
An e-way bill is an electronically generated document required under the GST regime for the transport of goods valued at more than Rs 50,000. It includes details of the consignor, consignee, transporter and the consignment and helps authorities track the movement of goods in real time. The system plays a key role in curbing tax evasion while improving supply chain transparency for both inter-state and intra-state transport.
Tax experts say the sharp year-on-year growth in February highlights sustained economic activity and improved GST compliance. According to one expert, the nearly 19% increase suggests stronger consumption demand and deeper integration of businesses into the formal tax framework.
"The consistently high levels of e-way bill generation indicate stable supply chain operations and could support healthy GST revenue collections in the coming months," the expert noted.
Another tax professional observed that the slight sequential decline from January reflects typical seasonal normalisation, rather than any slowdown in goods movement. The strong annual growth, he said, demonstrates continued formalisation of trade and logistics under the GST system.
The robust e-way bill numbers also align with growing consumption demand in the economy. According to the Second Advance Estimates released on February 27 by the Ministry of Statistics and Programme Implementation, Private Final Consumption Expenditure (PFCE) - A key measure of consumer spending is projected to grow 7.7% in real terms in 2025-26, higher than 5.8% recorded in 2024-25.
In nominal terms, PFCE is expected to grow 8.9%, with its share in nominal Gross Domestic Product (GDP) rising to 56.7% in FY26, up slightly from 56.5% in FY25.
The projected rise in consumption is expected to support overall economic expansion , with real GDP growth estimated at 7.6 per cent in FY26, compared with 7.1 per cent in the previous year, based on the revised GDP series with 2022–23 as the base year.
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