India's gross Goods and Services Tax (GST) collections rose 22.9 per cent year-on-year to Rs 2.31 lakh crore in October 2026, marking the strongest annual growth in more than four years. The latest figures, released on November 1, indicate a sharp improvement in indirect tax revenue, with collections accelerating from the 14.7 per cent growth recorded in September.
\n\nOctober's mop-up also marked the fourth consecutive month in which GST revenues remained above the Rs 2 lakh crore threshold. At Rs 2.31 lakh crore, the collection was the second-highest recorded in FY27 so far, trailing only the Rs 2.43 lakh crore garnered in April.
\n\nAccording to the data, the sharp acceleration was largely driven by revenues from imports, which surged 42.2 percent year-on-year to Rs 72,246 crore, compared with Rs 50,796 crore in October last year. Domestic GST revenues grew at a comparatively slower pace of 15.8 percent to Rs 1.59 lakh crore from Rs 1.37 lakh crore a year earlier.
\n\nThe net GST revenue increased 25.6 percent to Rs 2.03 lakh crore, compared with Rs 1.62 lakh crore in October 2025.Total refunds rose 6.5 percent to Rs 27,934 crore during the month, considerably slower than the growth in gross collections.
Original source: https://www.timesnownews.com/business-economy
