India’s GST collections cross Rs 2 lakh crore in March; FY26 revenues climb 8.3%

India’s Goods and Services Tax (GST) collections surged past the Rs 2 lakh crore mark in March 2026, reflecting a robust year-end push in economic activity and compliance.

Gross GST collections for March stood at Rs 2,00,064 crore, while net collections—after refunds, came in at Rs 1,77,990 crore, underscoring healthy underlying tax buoyancy.

For the full financial year FY26 (April–March), gross GST revenues rose to Rs 22.27 lakh crore, marking an 8.3 per cent increase over Rs 20.55 lakh crore recorded in FY25. Net GST collections for FY26 stood at Rs 19.34 lakh crore, up 7.1 per cent compared to Rs 18.07 lakh crore in the previous fiscal.

The March spike, typically driven by year-end reconciliations and higher compliance, indicates sustained momentum in consumption and formalisation of the economy. The steady rise in both gross and net collections also points to improved tax efficiency, even after accounting for refunds.

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The consistent uptick in GST revenues strengthens the government’s fiscal position, offering headroom for public spending while maintaining deficit targets. However, analysts will closely track whether this momentum sustains into FY27 amid global uncertainties and domestic demand trends.