India’s Goods and Services Tax (GST) revenue grew by 9.9% in March, reaching ₹1.96 lakh crore, marking the second-highest monthly collection. The finance ministry reported an 8.8% increase in GST revenue from domestic transactions, amounting to ₹1.49 lakh crore, while GST on imports rose 13.5% to ₹46,919 crore.
The total GST collection included ₹38,145 crore from Central GST, ₹49,891 crore from State GST, and ₹95,853 crore from Integrated GST. Cess collections stood at ₹12,253 crore. Refunds rose significantly, reaching ₹19,615 crore, leading to a net GST revenue of over ₹1.76 lakh crore—a 7.3% year-on-year increase.
Experts said the increase in collections indicates strong compliance and economic activity. Some states witnessed over 10% increase, but others had slower rates, necessitating further investigation. The high rise in export refunds and import GST indicates global trade activity.
Higher refunds limited net growth, but industry executives said sustained GST receipts imply fiscal stability. Businesses react to changing tax laws, improving compliance and transparency. The government’s aggressive export refund expedition promotes India’s growing trade footprint.