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Illustration: Binay Sinha
Last fiscal, net Goods and Services Tax (GST) collection (gross collection minus refunds) rose by 13.4 percent, surpassing nominal gross domestic product (GDP) growth of 9.6 percent.
This financial year has also started strongly, with the gross mop-up rising to a record Rs 2.1 trillion in April, the highest monthly amount since the levy was introduced in July 2017. The data produced by this collection ecosystem has another, unintended benefit. It can shed light on private consumption, including at the state level.
GST is a consumption-based tax, which accrues to the state where goods are consumed, as opposed to where they are located
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First print: June 3, 2024 | 9:48 pm IST