September GST Collections Jump 14.7% to ₹2.04 Lakh Crore; Import Revenue Surges 25.9%

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Refunds moved in the opposite direction. Lower payouts helped net revenue rise faster than gross collections, while tax advisers raised concerns about business liquidity. Over the coming months, import costs and currency movements will influence whether the faster growth in import-linked receipts continues, Grant Thornton Bharat partner Manoj Mishra said. 

How Does September’s GST Growth Affect Households And Businesses?

The government collected approximately ₹1.38 lakh crore in domestic GST, an increase of 10.1%. The figure records tax paid in rupees; it does not count the goods households bought. The distinction becomes particularly relevant when prices change. 

For businesses managing borrowing and cash flow, our analysis puts the domestic figure alongside the headline total. Calculations from the published statement show imports contributed about 51.6% of September’s annual increase in gross GST receipts. Business borrowers should therefore assess their own sales receipts and refund position separately from the national collection trend. This is an interpretation of published figures, not customer data. 

What Do Tax Experts Want Changed?

In comments published on 1 October 2026, Mishra linked stronger import receipts to currency movements, commodity prices and import patterns. He explained that rupee depreciation increased the rupee value of dollar-denominated imports. Higher tax receipts from imports therefore should not be treated entirely as evidence of stronger domestic consumption. 

Deloitte India partner and indirect tax leader Mahesh Jaising sought simpler refunds, fewer barriers to legitimate input tax credits and action on inverted duty structures. These occur when inputs attract higher tax rates than finished supplies. His comments published on 1 October 2026 focused on improving business cash flow and reducing procedural difficulties. 

Why Did Net GST Revenue Grow Faster?

The statement titled “GST Gross and Net Collections as on 30/9/2026” records collections before and after refunds. Gross revenue rose as domestic and import receipts increased. Lower total refunds then added to the growth in net revenue. 

Domestic refunds declined, while export GST refunds processed through ICEGATE increased. The combined payout still fell. September’s collection statement records those movements but does not measure the processing time of individual refund claims. 

How Does September Compare With August?

The previous update, published on 1 September 2026, recorded August collections of ₹1,99,853 crore, up 14.8% annually. September returned above ₹2 lakh crore, although its year-on-year growth rate was marginally lower. 

For April–September 2026, gross collections reached approximately ₹12.46 lakh crore, up 11.6%. The first-half total provides a broader comparison than September alone. These figures remain provisional. 

Conclusion

September’s GST growth came from higher domestic and import receipts, with lower refunds strengthening net collections. Tax advisers’ recommendations focused on the next part of the business equation: easier access to eligible credits and simpler refund procedures. 

Frequently Asked Questions

1. How Much GST Did India Collect In September 2026?

India collected ₹2,03,521 crore in gross GST revenue, up 14.7% from September 2025. 

2. What Is The Difference Between Gross And Net GST Collections?

Gross collections are receipts before refunds. Net collections deduct refunds and stood at ₹1,76,520 crore in September 2026. 

3. Did September Collections Exceed August Collections?

Yes. September’s ₹2,03,521 crore exceeded August’s ₹1,99,853 crore, although annual growth eased from 14.8% to 14.7%.