Rest period

• Gross GST collected was about ₹2.37 lakh crore, an on-year growth of 12.6% from last April.

• After refunds, the central government netted over ₹2.09 lakh crore, an on-year rise of 9.1%.

• This increase in GST compliance is attributed to faster refunds and the mass adoption of fintech.

• The 87% fintech adoption rate in India, aided by the COVID-19 years of 2020-21, has brought millions from the MSME sector into the formal banking system.

• April’s GST collections from 2018 to 2025 have more than doubled from ₹1.03 lakh crore to ₹2.37 lakh crore.

• Significant growth in refunds issued to exporters and GST revenues from imports this April.

• The HSBC India Manufacturing Purchasing Managers’ Index (PMI) rose from 58.1 in March to 58.2 in April, indicating a sharp rise in new business aided by greater international demand.

• Apple plans to source’most of its iPhones’ for the U.S. from India, suggesting a temporary respite for India’s manufacturing sector.