India’s gross Goods and Services Tax collections rose 14.7 percent year on year to Rs 2,03,521 crore in September 2026, up from Rs 1,77,365 crore in September 2025. Net GST revenue, after refunds, rose 18.1 percent to Rs 1,76,520 crore. The government described the figures as provisional. Collections for the first half of the financial year, April to September, stood at Rs 12,46,278 crore, up 11.6 percent from Rs 11,17,088 crore a year earlier. The monthly total crossed the Rs 2 lakh crore mark again.
The argument that the economy is generating more tax is supported by the breakdown. Gross collections are the total tax raised before refunds are paid out to exporters and others, while net revenue shows what the governments actually keep. Of the gross total, central GST was Rs 37,762 crore, state GST Rs 45,363 crore and integrated GST Rs 1,20,396 crore. Revenue from domestic transactions was Rs 1,37,996 crore, up 10.1 percent, while import-linked revenue was Rs 65,525 crore, up 25.9 percent. Refunds were Rs 27,001 crore, down 3 percent from Rs 27,848 crore a year earlier, which is why net revenue grew faster than gross. Several large states recorded strong domestic growth: Maharashtra collected Rs 29,986 crore, up 15 percent, Karnataka Rs 13,884 crore, up 16 percent, Gujarat Rs 12,222 crore, up 17 percent and Uttar Pradesh Rs 8,882 crore, up 18 percent. Assam rose 88 percent to Rs 2,415 crore.
The counter-argument is that the headline growth is flattered by the comparison and by imports. Analysts quoted when the October 2025 figures were released linked the weak readings of that period to the recalibration after the September 2025 rate changes, so last year’s base was low. Import-linked revenue grew 25.9 percent, more than twice the 10.1 percent growth in domestic revenue, and a large part of that may reflect higher import prices rather than stronger demand. Not every state shared in the growth. Tamil Nadu’s domestic GST fell 5 percent to Rs 10,188 crore, Jammu and Kashmir fell 29 percent, Uttarakhand 23 percent, Himachal Pradesh 21 percent and Puducherry 31 percent. Sources also disagree on some sub-items, such as total refunds, so the official release should be used for exact figures.
GST is the most direct monthly measure of economic activity that the government publishes, and it determines how much money the Centre and the states have to spend. A reading above Rs 2 lakh crore with refunds falling gives both a little more room, while the sharp differences among states show that growth is uneven across the country. The next reading, for October, is due around 1 November and will include the festive-season demand. The strong gains in Uttar Pradesh, Gujarat and Karnataka, and the steep fall in Tamil Nadu, will be watched to see whether the pattern repeats. Manipur recorded a rise of 145 percent, though from a small base of Rs 37 crore.
September’s GST numbers were strong overall, but the base effect, the import share and the state-level declines mean they should be read with care. The October data will show whether the improvement holds.