GST Collections Rise 14.7% to Over Rs 2.03 Lakh Crore in September as Import Revenue Jumps 26%

India's goods and services tax collections stayed above the Rs 2 lakh crore mark for a second straight month in September, with government data released on Thursday showing gross GST revenue of just over Rs 2.03 lakh crore, up 14.7% from a year earlier.

The headline is solid, but the more telling detail sits underneath it: the fastest growth came not from domestic consumption but from imports.

Imports did the heavy lifting

Gross GST collected on domestic transactions rose 10.1% to roughly Rs 1.38 lakh crore. Revenue from imports, by contrast, climbed 26% to Rs 65,525 crore, accounting for close to a third of the month's gross total.

Import-linked GST is collected at the border as integrated GST, and its value moves with both the volume of goods coming in and their rupee price. With the rupee trading near record lows of around 96 to the dollar and global commodity prices, especially crude oil, sharply elevated, the rupee value of imported goods has been pushed up. That makes a portion of the import surge a currency and price effect rather than purely a sign of stronger demand.

Domestic growth of about 10% is healthier evidence of underlying activity. It also arrives against a year-ago base that was shaped by the GST rate rationalisation that took effect in late September 2025, which lowered rates on a wide range of everyday goods.

Refunds slowed, net revenue jumped

Refunds paid out to businesses fell 3% year-on-year to Rs 27,001 crore in September. Lower refunds mean the government kept more of what it collected, and that pushed net GST revenue up 18.1% to more than Rs 1.76 lakh crore, faster than the growth in gross collections.

Refunds are largely driven by exporters reclaiming tax paid on inputs and by businesses with inverted duty structures, so a dip can reflect timing as much as any change in policy. Still, the gap between gross and net growth is one of the more notable features of this month's numbers.

First-half picture

Over the first six months of the financial year, April to September, gross GST collections rose 11.6% to over Rs 12.46 lakh crore. Net collections for the period grew 10.4% to more than Rs 10.66 lakh crore. September's performance follows August, when gross collections also rose about 15% to nearly Rs 2 lakh crore on the back of higher domestic transactions and imports.

Why it matters now

The numbers land on a difficult day for markets. Equity benchmarks slid to fresh 2026 lows on Thursday, weighed down by high crude prices, foreign selling and worries that the Reserve Bank of India may tighten policy in October. Against that backdrop, steady tax receipts give the Centre some fiscal room as it manages higher import costs and pressure on the rupee.

For businesses and consumers, the data point to two things. First, the festive season, which typically lifts spending from late September through November, has started on a firm footing in terms of domestic transactions. Second, a meaningful share of the revenue growth is being driven by the cost of imported goods, which households feel through prices of fuel, electronics and other imported inputs.

The next set of figures, for October, will be the clearer test, as it will capture the bulk of festive-season buying and show whether domestic collections can sustain double-digit growth without help from a weaker currency.

This is an original summary based on public reporting. See our editorial policy for how we source, write, and correct our stories.