THEBUSINESSBYTES
BUREAU
NEW
DELHI, NOVEMBER 1, 2026
Net Goods and
Services Tax (GST) collections of the Centre and states surged 25.6 per cent
year-on-year to Rs 2.03 lakh crore in October, registering their fastest growth
in the current financial year, as a sharp rise in tax revenue from imports
boosted overall collections, according to provisional data released by the
Finance Ministry on Sunday.
Gross GST collections
also posted their strongest growth in FY27, climbing 22.9 per cent to Rs 2.31
lakh crore during the month, reflecting sustained momentum in tax revenue
mobilisation.
In absolute terms,
both gross and net collections were the second-highest in the current financial
year, trailing only the record levels of Rs 2.42 lakh crore and Rs 2.10 lakh
crore, respectively, recorded in April.
Gross GST collections
crossed the Rs 2 lakh crore mark for the fourth time in the first seven months
of FY27, following April, July and September. Net collections breached the
threshold for the second time, after April.
The robust
performance in October marks a significant acceleration in net GST revenue
growth from 18.1 per cent in September, 8.3 per cent in August and 15.8 per
cent in July.
Import-linked tax
revenue emerged as the principal growth driver, with gross Integrated GST
(IGST) collections from imports jumping 42.2 per cent year-on-year to Rs 72,246
crore in October. These collections accounted for nearly one-third of the total
gross GST mop-up during the month.
After adjusting for
refunds, net GST revenue from imports registered an even sharper increase of
56.2 per cent to Rs 58,319 crore, underscoring the strong contribution of
overseas trade to the overall tax kitty.
Domestic collections,
meanwhile, maintained a healthy growth trajectory. Gross domestic GST revenue
rose 15.8 per cent to Rs 1.59 lakh crore, while net collections from domestic
transactions increased 16.4 per cent to Rs 1.45 lakh crore during October.
The rise in
collections came despite an increase in refunds. Total GST refunds grew 6.5 per
cent to Rs 27,934 crore in October, against Rs 26,225 crore in the
corresponding month last year. Domestic refunds increased 9.8 per cent to Rs
14,007 crore, while refunds related to exports through ICEGATE, the customs
electronic data interchange platform, rose 3.4 per cent to Rs 13,927 crore.
The cumulative
performance during April-October also remained strong, with gross GST
collections increasing 13.2 per cent to Rs 14.78 lakh crore, compared with Rs
13.05 lakh crore in the corresponding period of the previous financial year.
Net GST revenue
during the seven-month period grew 12.6 per cent to Rs 12.69 lakh crore,
against Rs 11.27 lakh crore a year earlier.
The import-led
momentum was particularly pronounced during the April-October period. Gross GST
revenue from imports surged 29.3 per cent to Rs 4.44 lakh crore, while net
collections from imports rose 34.1 per cent to Rs 3.54 lakh crore.
In comparison, gross domestic GST collections registered a relatively moderate growth of 7.4 per cent to Rs 10.33 lakh crore, while net domestic revenue increased 6 per cent to Rs 9.15 lakh crore.
Total refunds during the seven-month period climbed 16.9 per cent to Rs 2.08 lakh crore, compared with Rs 1.78 lakh crore in April-October of the previous financial year.
