New Delhi, May 2 -- India's goods and services tax (GST) revenue has beaten the previous record. In April, the first month of fiscal 2025-26, it hit a new peak of Rs.2.37 trillion. This is nearly 13% higher than the previous record of Rs.2.1 trillion reached exactly a year ago.

That the two peaks came in April suggests the role of some seasonal factor. Businesses, for instance, may be carrying out reconciliation exercises to see if due taxes for the past year have been paid and settling what may be outstanding.

The increase over the figure of April 2024 is a tad above the economy's rate of expansion in nominal terms (i.e., without adjusting for inflation). This hints of a slightly better economic performance this year, though no definit...