March GST Revenue Highlights
India's gross Goods and Services Tax (GST) collections climbed to ₹2 lakh crore in March, the highest figure seen in 10 months. This represents an 8.8 percent increase from the same period last year. This performance reverses a slight dip seen in February, when collections stood at ₹1.84 lakh crore, indicating a steady economic recovery through the latter half of fiscal year 2026.
Revenue Trend Before March Peak
Before this March surge, GST revenues had ranged between ₹1.70 lakh crore and ₹1.96 lakh crore from June 2025 to January 2026. November recorded the lowest point at ₹1.70 lakh crore, following the government's September announcement on GST rate rationalization. The highest collection previously recorded was ₹2.37 lakh crore in April 2025.
Key Drivers: Domestic vs. Imports
The March collections included ₹1.46 lakh crore from domestic transactions, a modest 5.9 percent year-on-year growth. Revenue from imports, however, jumped by 17.8 percent, contributing ₹53,861 crore. This stronger import-linked GST collection was a key driver of the overall monthly increase.
Full Fiscal Year 2026 Performance
For the full fiscal year 2026, gross GST revenue totaled ₹22.27 lakh crore, an 8.3 percent rise from ₹20.55 lakh crore the previous year. Refunds issued in March rose 13.8 percent year-on-year to ₹22,074 crore. Consequently, net GST revenue grew 8.2 percent to ₹1.78 lakh crore.