The Indian economy has received a boost as the country's goods and services tax (GST) collection rose to its highest-ever level in April, signaling a favorable trend in domestic demand and growth. The GST collection grew 12% to reach Rs 1.87 lakh crore, with CGST, SGST, and IGST contributing Rs 38,440 crore, Rs 47,412 crore, and Rs 89,158 crore, respectively, while cess was Rs 12,025 crore. Experts attribute the rise in collections to better business compliance, stable growth in the Indian economy, and the end of the financial year in March.
However, they remain cautious about external demand conditions due to slowing global growth. Despite this, the experts predict that advanced data analytics and higher consumer demand may continue to drive GST growth, and suggest that the GST council should consider reinitiating discussions on GST rate rationalization.
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