New Delhi, Feb 24 A sub-committee set up by the Ministry of Statistics and Programme Implementation (MoSPI) has recommended enhanced use of GST data in the new series for GDP estimates with 2022-23 as the base year.
The report of the sub-committee on the incorporation of new data sources, rates, and ratios, released on Tuesday, forms part of the process launched by MoSPI to revise the base year of the National Accounts to FY 2022–23.
The new series (Base: 2022–23) is scheduled to be released on 27th February, 2026. The Ministry is releasing the reports of the five sub-committees to apprise users about the changes being made in the new series of national accounts.
The sub-committee for the incorporation of new data sources, rates, and ratios was headed by Manish Sinha, CEO, GSTN, and included representatives from academia and researchers, Central and State Governments, and the RBI.
The sub-committee’s report states that GST data has emerged as one of the key administrative data sources for consideration in the compilation and corroboration of National Accounts Aggregates in relevant sectors, as it is high-frequency data with economic activity, product code, and regional markers.
In the 2011-12 series, GST data were used to compile the Quarterly National Accounts and in some sectors of the Annual National Accounts.
It further states that the contribution of GVA from private corporations to Gross State Domestic Product will now be estimated more accurately using GST data, rather than indicators as in the 2011-12 series. Identification of active private corporations using GST data will improve the accuracy of GVA imputation for non-reporting companies.
MoSPI has been conducting ASUSE annually since 2021-22 and PLFS since 2017-18. With the availability of a regular flow of robust data on value added and output for the unincorporated sector through ASUSE, the estimates of Gross Value Added (GVA) for the household sector and quasi corporations are now compiled using results from ASUSE and PLFS.
Hence, the requirement to extrapolate benchmark (base year) estimates using relevant indicators followed in the 2011-12 series has been done away with, resulting in improved accuracy and robustness of estimates for the household sector and quasi corporations, according to the official statement.
There has also been enhanced reporting of cases of local bodies and state autonomous bodies from the states, thereby increasing the portion of direct estimates.
The report focuses on the review of data sources used in the 2011-12 series of National Accounts and on new administrative and survey data sources, including studies identified for use in the compilation of production- and expenditure-side aggregates of the National Accounts. It encapsulates key issues deliberated during various meetings, and the recommendations emerged from the in-depth discussion.
MoSPI is in the process of revising the base year of National Accounts to FY 2022–23. An advisory committee on National Account Statistics (ACNAS), under the chairmanship of Prof. B.N. Goldar, was constituted to suggest methodologies, including new data sources, for the compilation and presentation of National Accounts Statistics for the new series.
The Committee decided that FY 2022-23 would be the new base year and constituted five sub-committees to deliberate in detail on specific subject areas.
The report of the Sub-Committee on Methodological Improvements was released on 18th February, 2026, and the Report of the Sub-Committee for Constant Price Estimates was released on 20th February, 2026.
--IANS
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