Gross GST collections demonstrated robust growth in March 2026, rising 8.8% to surpass ₹2 lakh crore, according to government data released on Wednesday. The collections reached ₹1.83 lakh crore in March 2025, indicating strong momentum in tax collections. The growth was primarily driven by increased tax mop-ups from both domestic sales and import-related transactions. As per Fortune India, GST collections continue to show steady 9% annual growth, supported by strong import activity this month and consistent compliance. The latest data shows ₹1.83 lakh crore in gross collections, representing a significant increase from the previous year's ₹1.78 lakh crore.
Domestic GST revenues contributed ₹1.46 lakh crore to the total collections, representing a 5.9% increase year-on-year. Import-related collections showed particularly strong performance with a 17.8% surge to ₹53,861 crore. According to Fortune India, revenues from imports remained a key driver, reflecting strong trade activity and higher integrated GST (IGST) inflows. This diversified revenue base contributed to the overall growth in GST collections during the month, with gross domestic revenues growing at a relatively moderate pace compared to the robust import-related growth.
Refund issuance during March increased by 13.8% to ₹22,074 crore, according to the latest government data. After accounting for these refunds, net GST revenues stood at approximately ₹1.78 lakh crore, marking a 8.2% year-on-year growth. This net figure represents the actual tax collection after adjusting for refunds to businesses and consumers. As per Fortune India, refunds during the month totalled ₹0.22 lakh crore, up 13.8% on a year-on-year basis, which resulted in net GST collections of ₹1.78 lakh crore. The steady increase in refunds indicates continued business activity and compliance improvements across sectors.
Post-settlement GST figures across states presented a varied trend, with industrially advanced states recording strong growth while several others reported a decline. Fortune India reports that Maharashtra contributed the highest amount to the overall collections at ₹0.13 lakh crore on a pre-settlement basis, followed by Karnataka and Gujarat. Among states showing an increase in post-settlement SGST collections were Himachal Pradesh, Punjab, Uttarakhand, Haryana, Rajasthan, Uttar Pradesh, Bihar, Gujarat, Maharashtra, Karnataka, Kerala, Tamil Nadu, Telangana and Andhra Pradesh. On the other hand, states such as Jammu and Kashmir, Chandigarh, Delhi, Arunachal Pradesh, Meghalaya, Assam, West Bengal, Jharkhand, Odisha, Chhattisgarh and Madhya Pradesh registered a decline in post-settlement SGST revenues.
Central GST (CGST) collections rose 6.3% to ₹40,549 crore compared with ₹38,145 crore a year ago, while State GST (SGST) receipts increased 6.8% to ₹53,268 crore from ₹49,891 crore in the corresponding period last year. Integrated GST (IGST) saw the strongest growth, climbing 10.9% year-on-year to ₹1.06 lakh crore, as against ₹95,810 crore last year. For the complete 2025-26 fiscal year (April-March), gross GST revenue recorded 8.3% growth to exceed ₹22.27 lakh crore, with net revenues after refund adjustments growing 7.1% to ₹19.34 lakh crore for the full fiscal year. The March numbers cap a steady trend seen in previous months, with February 2026 gross collections rising 8.1% to ₹1.83 lakh crore and net collections at ₹1.61 lakh crore after refunds of ₹22,595 crore.
