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ICICI Direct Report
Daily Vahan registrations ended positively for March 2022 with the reading coming in at ~70,200 units i.e. ~88% of pre-Covid levels versus ~62,900 units clocked in February 2022 i.e. ~79% of pre-Covid levels.
With the economic recovery under way, we expect the vehicle registration to continue the positive momentum and report retail sales at ~85-90% of pre-Covid levels.
E-Way bill generation for February (till February 27) ended on a strong note, reaching 6.6 crore. If we compare this to the average bill generation in the months prior to Covid-19 (October 2019-February 2020), it has reached ~125% of the average 5.5 crore bills.
Gross goods and services tax revenue collected in February came in at Rs 1,33,026 crore. Revenues for February 2022 were 18% higher than GST revenues in the same month last year and 26% higher than GST revenues in January 2020.
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