GST Collections Rise 8.8% in March 2026 to Rs 2 Lakh Crore

GST collection March 2026, reached Rs 2.00 lakh crore, shows a strong growth rate of 8.8% compare to March 2025. After refunds, net GST revenues were Rs 1.78 lakh crore, showing a healthy growth of 8.2% year-on-year. This marks a record high monthly collection for FY 2025-26, demonstrating the continued strength and maturity of India’s indirect tax system.

Also Read | GST Collections Rise 8.1% in February 2026 to Rs 1.84 Lakh Crore

GST Collection March 2026 Breakdown

The gross GST collections grew by 8.8% YOY, while net collections increased by 8.2%. The difference reflects refund payouts, with total refunds increasing by 13.8% to Rs 22,074 crore in March 2026 compared to Rs 19,400 crore in March 2025.

GST Collection March 2026 Full Year FY 26 Performance

FY 2025-26 has closed on a strong note with cumulative gross GST collections reaching Rs 22.27 lakh crore, marking a strong 8.3% growth over FY 2024-25 (Rs 20.56 lakh crore). Net collections for the full year FY 2025-26 stood at Rs 19.35 lakh crore, representing a healthy 7.1% increase over FY 2024-25 (Rs 18.07 lakh crore).

GST Collection March 2026 Domestic vs Import Performance

Domestic GST collections grew by 5.9% to Rs 1.46 lakh crore, while import-related GST collections showed impressive growth of 17.8% reaching Rs 53,861 crore. This indicates strong performance in both domestic consumption and international trade activity, with imports showing particularly robust momentum.

GST Collection March 2026 Refund Analysis

In March 2026, refunds rose by 13.8% to Rs 22,074 crore over Rs 19,400 crore in March 2025. The domestic refunds increased significantly by 31.2% while the export refunds through ICEGATE were 10.6% lower. For the full year FY 2025-26, cumulative refunds were Rs 2.92 lakh crore, which was an increase of 17.8% compared to Rs 2.48 lakh crore in FY 2024-25. This increase in refunds is the reason for the difference in the growth rates between gross and net collections.

GST collection FY 2025-26 vs FY 2024-25: Full Year Comparison

With March 2026 marking the close of FY 2025-26, the full year numbers paint a strong picture for India’s indirect tax system. Gross GST collections for FY 2025-26 stood at Rs 22.27 lakh crore, up 8.3% from Rs 20.56 lakh crore in FY 2024-25. Net collections for the year came in at Rs 19.35 lakh crore, a 7.1% increase over Rs 18.07 lakh crore in the previous year.

On the domestic front, gross collections grew 6.4% to Rs 16.32 lakh crore from Rs 15.34 lakh crore in FY 2024-25. Import-related GST collections outpaced domestic growth, rising 14.1% to Rs 5.95 lakh crore from Rs 5.22 lakh crore, reflecting the sustained momentum in India’s international trade activity through the year.

Total refunds for FY 2025-26 were Rs 2.92 lakh crore, up 17.8% from Rs 2.48 lakh crore in FY 2024-25, which explains the gap between gross and net growth rates. On the cess front, net compensation cess for FY 2025-26 came in at Rs 99,039 crore, a significant decline from Rs 1,48,699 crore in FY 2024-25, as the compensation cess arrangement nears its end with the discharge of the remaining loan and interest liability. The registered taxpayer base also expanded notably, growing from 6.93 crore in March 2025 to 9.41 crore in March 2026, widening the compliance base that underpins these consistent revenue levels.

Conclusion

In March 2026, tax receipts from the GST amounted to Rs 2.00 lakh crore, reflecting a year-on-year increase of 8.8% and continuing to demonstrate the resilience of India’s indirect tax system. The strong full year FY 2025-26 gross collections at 8.3% growth suggest strong economic fundamentals evident in indicators such as labor statistics and the E-way bill data. Moreover, the increase in registered taxpayer base to over 9.41 crore from last year’s (March 2025) 6.93 crore, provides a measure of consistent revenues recorded through the GST. The trajectory implied by the improvements validates reform provisions and places India in a reliable environment for continued public financial strength.