AI-assisted research analysis by FutureKnowledge. Sources checked 1 November 2026. This is not investment advice.
Reviewed by FutureKnowledge: figures, dates and attributions were checked against the linked sources before publication.
India’s gross GST collections rose 22.9% to ₹2.31 lakh crore in October 2026, provisional Finance Ministry data released on 1 November show. GST on imports did most of the work, jumping 42.2%. Domestic GST grew a slower 15.8%.
GST collections in October 2026: the key numbers
According to the figures reported by Business Today and by news agency ANI in a report carried by The Tribune, gross collections were ₹2,31,290 crore, up from ₹1,88,125 crore a year earlier. Refunds rose 6.5% to ₹27,934 crore, leaving net GST revenue of ₹2,03,356 crore, up 25.6%.
| Item | October 2026 | October 2025 | Change |
|---|---|---|---|
| Gross GST | ₹2,31,290 crore | ₹1,88,125 crore | +22.9% |
| Domestic gross GST | ₹1,59,044 crore | ₹1,37,328 crore | +15.8% |
| GST on imports | ₹72,246 crore | ₹50,796 crore | +42.2% |
| Total refunds | ₹27,934 crore | ₹26,225 crore | +6.5% |
| Net GST revenue | ₹2,03,356 crore | ₹1,61,900 crore | +25.6% |
Provisional data as reported by Business Today and ANI. The October 2025 base excludes compensation cess (see below).
By component, CGST was ₹42,935 crore, SGST ₹51,340 crore and IGST ₹1,37,015 crore, of which ₹72,246 crore came from imports. Net customs-related GST rose 56.2% to ₹58,319 crore, while net domestic GST rose 16.4% to about ₹1.45 lakh crore. For April to October, gross GST was ₹14.77 lakh crore, up 13.2%, and net GST was ₹12.69 lakh crore, up 12.6%.
Is it a record? It depends on the comparison
Some outlets, including Whalesbook, called October’s figure an all-time high. The monthly series compiled by Refrens from GSTN statements does not support that: it shows April 2026 at ₹2,42,702 crore. October looks like the second-highest month of this financial year, ahead of July’s ₹2,11,205 crore and September’s ₹2,03,521 crore. It is the strongest annual growth rate of the year so far.
The base also needs care. A year ago, the government reported October 2025 gross GST of about ₹1.96 lakh crore, including ₹7,812 crore of compensation cess, according to All India Radio’s report at the time. Excluding that cess gives about ₹1.88 lakh crore, which is the base used this year. Compensation cess was removed from most goods on 22 September 2025, so the cess-free comparison is the like-for-like one.
Why GST revenue jumped
1. A weak base from the 2025 rate cuts
October 2025 was a soft month. Business Standard reported that gross collections grew only 4.6% then, the slowest pace of that year, and domestic GST rose just 2%. That came right after GST rates were cut on 375 items from 22 September 2025. Domestic GST paid in October mostly relates to sales made in September, so last year’s figure captured the first weeks of lower rates. Measured against that low base, 15.8% domestic growth flatters the underlying trend somewhat.
2. A surge in import GST
GST on imports is collected at the border, so it tracks the value of goods arriving in the month. The official data do not say which goods drove the 42.2% jump. One likely factor is costlier energy: Brent rose above $110 in the second half of October amid attacks on Gulf oil sites and shipping, including the limpet-mine attack on a tanker with Indian crew, and FutureKnowledge reported when Brent settled at $116.72. Most crude is outside GST, though, so oil prices cannot explain the whole rise. Higher imports of electronics, capital goods and other taxable items probably matter too, but that cannot be confirmed until the trade data come out.
3. Steady domestic momentum
Setting the base effect aside, domestic growth has held at about 15% since mid-year. Refrens’ GSTN-based series shows year-on-year growth of 15.4% in July, 14.8% in August and 14.7% in September. Steady growth after the rate cuts suggests that lower prices widened the tax base rather than only shrinking revenue.
What higher GST collections mean for India and businesses
- Government finances: net revenue growth of 12.6% for April to October gives the Centre and states more room. Net October revenue grew faster than gross because refunds rose only 6.5%.
- States: domestic collections grew in all the large states. Maharashtra collected ₹35,150 crore (+13%), Karnataka ₹15,922 crore (+18%), Gujarat ₹13,516 crore (+16%) and Haryana ₹11,529 crore (+17%). Uttar Pradesh and Bihar each grew 24%, and Assam grew 47% to ₹1,934 crore, according to the ANI report.
- Businesses: strong domestic GST points to healthy sales before the festive season. Diwali falls in November this year, so the full festive effect should show up in December’s data.
- The import bill: a 42% rise in import GST is good for revenue but signals a bigger import bill, which can weigh on the rupee and the trade deficit.
Who is more or less exposed
- Better placed: states whose collections grow faster than the national average, and consumer-facing sectors where lower GST rates may have lifted volumes.
- More exposed: import-dependent manufacturers. Higher landed costs raise working capital needs even though input tax credit is eventually available.
- Watch closely: exporters. Refunds grew much more slowly than collections, and slow refunds tie up cash.
Scenarios to watch
These are conditional scenarios, not predictions.
| If… | Then a plausible outcome is… |
|---|---|
| Festive sales around Diwali are strong | December’s domestic GST could grow faster than October’s 15.8% |
| Oil prices fall on Gulf de-escalation | Import GST growth could slow sharply from 42%, pulling headline growth back towards the mid-teens |
| Trade data show non-oil imports surging | The import rise would point to stronger investment demand, not just higher prices |
| Refunds speed up | Net revenue growth could fall below gross growth again |
What to watch next
- India’s October trade data, which should show whether oil or non-oil imports drove import GST.
- E-way bill generation for October, an early guide to November’s GST.
- November GST data, due on 1 December.
- Updated state-wise data on the GST portal’s statistics page.
Bottom line
October’s ₹2.31 lakh crore is a strong GST number, but not quite the record some headlines claimed. Import GST alone supplied about half of the ₹43,165 crore increase, and the domestic gain is flattered by a weak, rate-cut-hit base. The more durable signal is domestic GST growth of about 15% a month since mid-year, which suggests the 2025 rate cuts are not costing revenue. Whether October was a high point or the start of a festive-season peak will show in the November and December data.
Method note: This analysis compared provisional Finance Ministry figures as reported by Business Today, ANI (via The Tribune) and Whalesbook with the GSTN-based monthly series compiled by Refrens, and with October 2025 reporting by Business Standard and All India Radio. The official GST statistics page was the primary reference. Conflicts resolved: we did not repeat the “all-time high” claim because April 2026 collections were higher, and we explained why the October 2025 base (₹1.88 lakh crore) differs from the ₹1.96 lakh crore reported last year (compensation cess).