At 6.1% of GDP, GST revenue for FY24 still not above pre-GST level after 7 years
After India's goods and services tax (GST) collections touched record high-mark at Rs. 2.10 lakh crore in April 2024, Arvind Subramanian, former Chief Economic Adviser (CEA) to the central government has now highlighted that the despite the high collections, GST revenue for fiscal 2023-24 (FY24) has still not surpassed the pre-GST level.
Taking to social media platform ‘X’, the former CEA who is a senior fellow at Peterson Institute for International Economics, said that at 6.1 per cent gross domestic product (GDP), India's GST revenue--even after seven years, is still not above the pre-GST level, despite recovery from the COVID-19 pandemic and better implementation. He added that though the April numbers were robust, but the focus must be on revenues, net of refunds, not on headline collections.
