India's GST collections surge 14.7% to ₹2.03 trillion in September

India's gross GST collections reached ₹2.03 lakh crore in September, marking a robust 14.7% increase compared to the same month last year, according to official data. The strong performance was underpinned by healthy domestic economic activity and increased import-related tax revenues.

Domestic GST collections grew at a more measured pace of 10.1%, reaching approximately ₹1.38 lakh crore, while revenues generated from imports surged 26% to ₹65,525 crore. This divergence suggests strong consumer demand for imported goods alongside steady domestic consumption and business activity.

GST refunds processed during the month stood at ₹27,001 crore, representing a 3% decline year-on-year, indicating a slower pace in refund disbursements. After adjusting for these refunds, net GST collections expanded significantly by 18.1% to over ₹1.76 lakh crore, demonstrating the government's improved tax collection efficiency.

For the first half of the fiscal year spanning April to September, gross GST collections accumulated to ₹12.46 lakh crore, up 11.6% from the previous year's corresponding period. Net collections during this six-month stretch reached ₹10.66 lakh crore, reflecting a 10.4% year-on-year growth, suggesting sustained economic momentum heading into the latter half of the financial year.