India’s GST Collections Hit ₹2 Lakh Crore in March, Up By 8.8% YoY

India’s goods and services tax collections recorded a notable increase in March, reaching a multi-month high and indicating a steady recovery in revenue trends.  

The latest data reflects improved tax inflows during the latter half of the financial year. 

Monthly Trends and Growth Momentum 

Gross GST collections for March stood at ₹2 lakh crore, registering a year-on-year growth of 8.8%. This marks the highest monthly collection in the past 10 months.  

On a sequential basis, collections rose from ₹1.84 lakh crore in February, signalling an improvement after a temporary dip in the previous month. 

Looking at the broader trend, GST revenues had largely remained within the range of ₹1.70 lakh crore to ₹1.96 lakh crore between June 2025 and January 2026.  

The lowest level during this period was recorded in November at ₹1.70 lakh crore, following GST rate rationalisation announced in September. 

Despite the recent rise, the highest collection on record remains ₹2.37 lakh crore achieved in April 2025. 

Breakdown of Collections and FY26 Performance 

A detailed breakdown of March collections shows that domestic GST revenue contributed ₹1.46 lakh crore, reflecting a 5.9% increase compared to the same period last year.  

Meanwhile, revenue from imports grew at a faster pace of 17.8%, reaching ₹53,861 crore. This higher growth in import-linked taxes played a key role in pushing overall collections upward. 

Refunds during March increased 13.8% year-on-year to ₹22,074 crore. After adjusting for refunds, net GST revenue stood at ₹1.78 lakh crore, marking an 8.2% rise compared to the previous year. 

For the full financial year FY26, gross GST collections amounted to ₹22.27 lakh crore, up from ₹20.55 lakh crore in the previous year, representing a growth of 8.3%. 

Read More: April 1 Tax Changes 2026: Will New Income Tax Rules Impact Your ITR This Year? 

Conclusion 

The rise in March GST collections highlights improving revenue trends, supported by stronger import-related tax inflows, while overall annual collections continue to show steady growth. 

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