India’s Goods and Services Tax (GST) revenue showed strong growth in September, reaching ₹1.77 trillion after refunds. This marks the fastest pace in six months, driven by robust import-linked collections and steady domestic demand.
Gross GST collections stood at ₹2.04 trillion, a rise of 14.7% compared to the same month last year. Net GST revenue after refunds grew by 18.1%. Domestic GST revenue contributed ₹1.38 trillion, showing a 10.1% increase, while net domestic collections after refunds reached ₹1.24 trillion, up 13.5%.
Import-linked GST (IGST) played a major role in this surge. Collections from imports touched ₹65,525 crore before refunds, registering nearly 26% growth. Analysts say higher commodity prices, rupee depreciation, and strong capital spending in sectors like mobile manufacturing, defence, and power boosted import costs and tax inflows.
Refunds during the month stood at ₹27,001 crore, slightly lower than last year. Experts from EY India and KPMG noted that domestic demand remains resilient despite global challenges. Deloitte added that businesses are expecting GST 2.0 reforms to simplify compliance and refunds.
For the April to September period, gross GST revenue reached ₹12.46 trillion, up 11.6%, while net revenue stood at ₹10.66 trillion, reflecting a 10.4% increase.
