In the new gross domestic product (GDP) series with 2022-23 as the base year, the Ministry of Statistics and Programme Implementation (MoSPI) will enhance the use of goods and services tax (GST) data to improve the accuracy of national and state-level economic estimates. While the previous 2011-12 series incorporated GST information in quarterly accounts and select sectors of annual national accounts, the 2022-23 framework expands its application across multiple dimensions.
According to the report of the Sub-Committee for Incorporation of New Data Sources, the gross value added (GVA) contribution of private corporations to gross state domestic product (GSDP) will now be estimated more accurately using GST data, replacing the reliance on proxy indicators used in the 2011-12 series. This shift is expected to deliver far more reliable figures for GSDP.
GST registration and return data will also help identify active private corporations, thereby refining imputation techniques for non-reporting units and reducing errors in overall GVA estimates for the corporate sector.
Product-level details captured through HSN and SAC codes in GST filings will feed directly into the preparation of Quarterly National Accounts, enabling more granular and timely tracking of sectoral performance, the report highlighted.
Beyond the expanded use of GST, the report notes that GVA estimation for private Non-Banking Financial Companies (NBFCs) has moved away from applying loan-growth proxies to a limited sample. It now relies on comprehensive actual financial statements sourced from the Ministry of Corporate Affairs database, resulting in more robust and accurate GVA estimates.
The MoSPI will release the GDP estimates for the October-December quarter (Q3) of FY26, along with the second advance estimates for FY26, on February 27 under the new GDP series with 2022-23 as the base year. The Ministry will also release back-series data for FY23, FY24, and FY25, alongside revised Q1 and Q2 data for FY26.
In the new series, administrative funds managed by the Employees Provident Fund Organisation (EPFO), Coal Mines Provident Fund Organisation (CMPFO), and Seamen’s Provident Fund Organisation (SMPFO) have been reclassified under the Financial Auxiliaries sub-sector.
In the construction sector, fresh benchmark ratios and rates derived from a 2025 pilot study conducted by the National Sample Survey Office (NSSO) have been incorporated to improve estimates of GVA and gross value of output for household enterprises and quasi-corporations.