GST collections surge 8.8% YoY to ₹2L crore in March
What's the story
India's Goods and Services Tax (GST) collections hit a high of ₹2 lakh crore in March, an 8.8% increase from the same period last year. The latest figures mark a recovery from February's ₹1.84 lakh crore collection, indicating a steady growth trend in monthly revenues during the second half of FY26. The previous peak was recorded at ₹2.37 lakh crore in April 2025, which is also the highest since data collection began.
Revenue sources
FY26 gross GST revenue stood at ₹22.27L crore
The March collections were divided into gross domestic revenue of ₹1.46 lakh crore (a 5.9% year-on-year increase) and revenue from imports, which rose by 17.8% to ₹53,861 crore. Overall, the FY26 gross GST revenue stood at ₹22.27 lakh crore, an 8.3% increase from last year's ₹20.55 lakh crore figure. Refunds in March also saw a significant jump of 13.8% YoY to ₹22,074 crore, while net GST revenue increased by 8.2% to reach ₹1.78 lakh crore for the month under review.
Collection trends
Implications for fiscal policy and public spending
The data suggests that the growth in import-linked GST collections has outpaced domestic revenue, leading to an overall increase in March collections. This trend reflects a broader economic recovery and increased compliance with tax regulations. Analysts are expected to closely monitor these trends as they could have implications for fiscal policy and public spending in the coming months.