GST collections cross ₹2 lakh crore again in September, led by imports

The September numbers

Gross collections of the goods and services tax (GST) rose 14.7% in September 2026 to over ₹2.03 lakh crore, according to government data reported by DD News on 1 October.

Collections from domestic transactions rose 10.1% to about ₹1.38 lakh crore, while GST on imports grew 26% to ₹65,525 crore. Refunds slowed to ₹27,001 crore. After refunds, net collections rose 18.1% to over ₹1.76 lakh crore.

The year so far

September was the third month of the 2026-27 financial year in which gross collections crossed ₹2 lakh crore, after April and July. From April to September, gross collections grew 11.6% to over ₹12.46 lakh crore, and net collections rose 10.4% to over ₹10.66 lakh crore.

Imports did much of the lifting

Several tax experts noted the gap between import and domestic growth. Pratik Jain, a partner at Price Waterhouse & Co LLP, said a meaningful part of the headline buoyancy is coming from imports. Manoj Mishra of Grant Thornton Bharat pointed to the sharp growth in import-linked GST.

Saurabh Agarwal, a tax partner at EY India, said the numbers show that domestic demand continues to do well in spite of global pressure.

The base effect of last year's rate cuts

Part of the growth reflects a low base. The government announced a rationalisation of GST rates, known as GST 2.0, on 3 September 2025, and it took effect on 22 September 2025. Many buyers waited for the lower rates, so collections in September 2025 were subdued.

Vivek Jalan of Tax Connect Advisory Services said that even after a drastic reduction in GST rates under GST 2.0, collections have remained resilient. He also suggested that the fall in refunds may mean departments are holding back disbursements, and Mahesh Jaising of Deloitte India called for resolving inverted duty structures and simplifying refunds.

Why it matters

GST is collected on most goods and services and shared between the Centre and the states, so these monthly figures are an early sign of how consumption and trade are holding up, and of how much the governments have to spend. Strong import revenue alongside slower domestic growth is one of the trends economists will watch in the coming months.