E-way bills hit record 140.6 million in March, up 13%, shows GSTN data
E-way bill generation hit a record high in March 2026, registering a 13 per cent year-on-year (Y-o-Y) growth to 140.6 million, according to Goods and Services Tax Network (GSTN) data.
The previous peak was seen in December 2025, when e-way bills touched an all-time high of 138.39 million, marking a 23.6 per cent Y-o-Y surge. Sequentially, generation rose 6.04 per cent from 132.59 million in February.
Notably, e-way bill generation has been hitting record highs since the government undertook GST rate rationalisation in September.
An e-way bill is an electronically-generated document mandated under the GST regime for the movement of goods valued above Rs.50,000.
It captures details of the consignment, consignor, consignee, and transporter, and is designed to curb tax evasion while enabling real-time tracking of goods movement across states.
According to Abhishek A Rastogi, founder of Rastogi Chambers, the surge in e-way bill generation reflects improved compliance and strong goods movement, with the post-September uptick indicating gains from rate rationalisation.
However, it should not be viewed as a pure proxy for economic growth, as tighter enforcement and data-driven compliance have also contributed, he added.
“Going forward, the focus must shift from volume to quality, ensuring ease of compliance through system stability, faster dispute resolution, and uniform enforcement. This will determine whether the trend reflects genuine formalisation or compliance-led inflation in reporting,” Rastogi said. "The surge in e-way bill generation to a record high in March clearly reflects the impact of GST rate rationalisation which is ensuring a larger drive towards formalisation of economy. The trend reflects a stronger consumption demand coupled with deeper GST compliances," said Prashanth Agarwal, partner with Price Waterhouse & Co LLP.
