That GST grossed ₹2.11 lakh crore in July, expanding by 15.4% year-on-year, the second best growth in FY27, could indicate that the Indian economy is resilient. The 26.9% growth in import IGST vis-à-vis a 4.5% rise in domestic revenues ferrets out the criticality in the trade-led tax buoyancy. IGST’s faster pickup started during the post-pandemic recovery, reflective of global commodity inflation, higher imports of capital goods and the rupee’s depreciation. GST 3.0 should ensure that the benefits of economic expansion are geographically broad-based and fiscally inclusive. Otherwise ‘Make in India’ remains a tall claim as imported inputs do much of the heavy lifting in the GST metrics.