New Delhi, May 7 -- Every year, when the government releases the goods and services tax (GST) collection figures for April, they are touted as a 'record high' or the 'highest ever'. Technically, they are-but that's not the full story.

April GST figures are a seasonal quirk, boosted by the year-end push, and not a barometer of steady consumption growth, as collections normalise the following month. This, along with declining GST buoyancy and slower net revenue growth, indicates a less-than-encouraging trend.

A Mint analysis of GST data shows collections spike every April. With the impact of rising prices also reflected in the collections, the April figure usually marks a record high up to that point- Rs.2.37 trillion was a record high in...