In April 2023, India's central and state governments achieved a record ₹2.43 trillion in Goods and Services Tax (GST) revenue, a slight increase from ₹2.37 trillion collected in April 2022. After adjusting for refunds, the net GST revenue stood at ₹2.11 trillion, compared to ₹2.09 trillion last year. This growth, amounting to 8.7%, underscores the typical peak in GST collections during April, driven by strong factory inventory clearances and year-end sales from March. Despite a tax cut in September 2025 aimed at stimulating demand, collections have remained robust. The central government has set a GST revenue target of ₹10.2 trillion for the fiscal year 2027, slightly lower than the estimated ₹10.46 trillion for FY26. However, the recent rise in global energy prices due to geopolitical tensions may pose challenges for future consumption and revenue, as the government may eventually need to pass these costs onto consumers.