Import surge helped drive up GST mopup in May: Nomura

June 3, 2025

India’s GST collection surged by 16.4% in May, driven by a significant increase in GST from imports, reaching a three-year high. Nomura anticipates a moderation in India’s GDP growth to 6.2% in FY26. The robust GST collections contrast with softer trends in other high-frequency growth indicators, warranting close monitoring.

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