New Delhi, Feb 24 (NationPress) A working group established by the Ministry of Statistics and Programme Implementation (MoSPI) has proposed the increased utilization of GST data in the upcoming series for GDP calculations, with FY 2022-23 designated as the new base year.

The findings of this working group, which focuses on integrating new data sources, rates, and ratios, were disclosed on Tuesday as part of MoSPI's initiative to update the base year for National Accounts to FY 2022–23.

The updated series (Base: 2022–23) is expected to be published on February 27, 2026. The Ministry plans to release reports from the five working groups to inform stakeholders about the modifications being introduced in the new national accounts series.

Leading the working group was Manish Sinha, CEO of GSTN, alongside members from academia, researchers, Central and State Governments, and the RBI.

The report indicates that GST data has become a pivotal administrative data source for the compilation and validation of National Accounts Aggregates across pertinent sectors due to its high-frequency nature that captures economic activities, product codes, and regional identifiers.

In the 2011-12 series, GST data were utilized for the Quarterly National Accounts and certain sectors of the Annual National Accounts.

Moreover, the report highlights that the contribution of Gross Value Added (GVA) from private corporations to the Gross State Domestic Product will now be more accurately assessed using GST data, in contrast to the indicators used in the 2011-12 series. Identifying active private corporations through GST data will enhance the precision of GVA estimates for companies that do not report.

Since 2021-22, MoSPI has been conducting the Annual Survey of Unincorporated Enterprises (ASUSE) and the Periodic Labour Force Survey (PLFS) since 2017-18. The regular influx of reliable data concerning added value and output for the unincorporated sector via ASUSE has enabled the compilation of GVA estimates for the household sector and quasi-corporations utilizing results from ASUSE and PLFS.

This advancement eliminates the need for extrapolating benchmark estimates using relevant indicators that were applied in the 2011-12 series, thereby improving the accuracy and robustness of estimates for the household sector and quasi-corporations, as per the official statement.

Additionally, there has been an increase in the reporting of local bodies and state autonomous entities from various states, resulting in a greater share of direct estimates.

The report emphasizes the assessment of data sources used in the 2011-12 series of National Accounts and highlights new administrative and survey data sources, including studies identified for compiling production- and expenditure-side aggregates of National Accounts. It summarizes critical topics discussed in various meetings, along with recommendations that arose from extensive discussions.

MoSPI is currently working on revising the base year of National Accounts to FY 2022–23. An advisory panel on National Account Statistics (ACNAS), chaired by Prof. B.N. Goldar, has been formed to propose methodologies, including new data sources, for compiling and presenting National Accounts Statistics in the new series.

The Committee has confirmed that FY 2022-23 will serve as the new base year and has established five working groups to specifically address various subject areas.

The report from the Sub-Committee on Methodological Improvements was published on February 18, 2026, while the report from the Sub-Committee for Constant Price Estimates was released on February 20, 2026.