GST revenues remain resilient, hit Rs 2L cr mark

New Delhi: GST revenues grew about 9 per cent in March 2026, crossing Rs 2 lakh crore and marking the third-highest monthly collection in FY26, supported by strong import and domestic activity, according to government data. Gross domestic revenues rose 5.9 per cent to over Rs 1.46 lakh crore, while collections from imports jumped 17.8 per cent to Rs 53,861 crore. The gross GST mop-up stood at Rs 1.83 lakh crore in March 2025.

While large states such as Maharashtra, Karnataka and Telangana continue to show robust growth in collections, states such as Haryana, AP, and MP demonstrate slower.

Within FY26, April recorded the highest-ever GST collection at over Rs 2.36 lakh crore, followed by May at over Rs 2.01 lakh crore, placing March among the top three months.

For the full fiscal, GST collections grew 8.3 per cent year-on-year to over Rs 22.27 lakh crore.

Tax reforms introduced in September 2025, including rate cuts on around 375 items and merging slabs into 5 per cent and 18 per cent tiers (with a 40 per cent rate for select luxury and sin goods), initially led to a dip. Collections fell to Rs 1.70 lakh crore in November, before recovering to Rs 1.74 lakh crore in December, Rs 1.93 lakh crore in January, and over Rs 1.83 lakh crore in February.

Refunds issued in March rose 13.8 per cent to Rs 22,074 crore. After adjustments, net GST revenue stood at about Rs 1.78 lakh crore, up 8.2 per cent year-on-year.