Current Affairs - Economy - Discussion

3.2% was the year-on-year growth rate recorded in gross GST collections for May 2026. During the month, gross GST revenue reached ₹1.94 lakh crore, reflecting steady growth in tax collections. The increase was supported by higher economic activity, with taxable goods supplies growing by 26.9% and taxable services supplies rising by 22.2%. After accounting for refunds of ₹27,281 crore, net GST revenue stood at ₹1.67 lakh crore, registering a 3.3% increase. GST, implemented on July 1, 2017, remains one of India's most significant indirect tax reforms aimed at creating a unified national market.