Comprehensive Review of GST Revenue Performance for March 2026
The Goods and Services Tax (GST) revenue figures released for March 2026 point to sustained strength in indirect tax collections and continued economic activity across sectors. Both gross and net GST collections have recorded healthy growth compared to March 2025, with notable expansion in import-related revenues and a visible rise in refunds, particularly on the domestic side.
This analysis walks through the key numbers, trends in domestic versus import collections, the pattern of refunds, net revenue position, and the state-wise performance as per the provisional data published by the Government of India for March 2026 and for the financial year up to March 2026.
Important: The figures discussed here are provisional and may be subject to marginal revision upon finalisation, as also noted in the official release.
1. Snapshot of Overall GST Performance
1.1 Headline Numbers
For March 2026, Total Gross GST Revenue has reached ₹2,00,064 crore, reflecting an 8.8% increase over the gross collections of ₹1,83,845 crore in March 2025. On a full-year basis (upto March 2026), gross GST collections have risen from ₹20,55,515 crore to ₹22,27,096 crore, registering an 8.3% annual growth.
After accounting for refunds, Total Net GST Revenue stands at ₹1,77,990 crore for March 2026, compared to ₹1,64,445 crore in March 2025, showing an 8.2% rise. For the financial year up to March 2026, net collections have moved from ₹18,07,296 crore to ₹19,34,766 crore.
These trends indicate stable tax buoyancy under the GST regime, with broad-based support from both domestic transactions and imports.
1.2 Domestic vs Import Revenue Dynamics
The data clearly differentiates between revenue generated from domestic supplies and that arising from imports:
Gross Domestic Revenue (excluding imports) has grown from ₹1,38,106 crore in March 2025 to ₹1,46,202 crore in March 2026, an increase of 5.9%. For the year up to March 2026, domestic gross revenue rose from ₹15,33,805 crore to ₹16,31,769 crore, i.e. 6.4% growth.
Gross Import Revenue (IGST on imports) has shown much sharper growth, increasing from ₹45,739 crore in March 2025 to ₹53,861 crore in March 2026, which represents a robust 17.8% increase. Cumulatively, import-related GST revenue has climbed from ₹5,21,710 crore to ₹5,95,327 crore (14.1% growth).
The clearly higher growth in import-related GST highlights increased import activity and possibly rising demand for imported goods and inputs.
2. Detailed Break-up of Gross GST Revenue
2.1 Component-wise Gross Revenue
The gross revenue under different GST components for March 2026 and the year as a whole shows the following:
CGST
- March 2026: ₹40,549 crore
- Previous March: ₹38,145 crore
- Year upto March 2026: ₹4,44,309 crore (vs ₹4,13,776 crore)
SGST
- March 2026: ₹53,268 crore
- Previous March: ₹49,891 crore
- Year upto March 2026: ₹5,51,302 crore (vs ₹5,16,448 crore)
IGST (domestic + imports)
- March 2026: ₹1,06,246 crore (₹52,385 crore domestic + ₹53,861 crore imports)
- Previous March: ₹95,810 crore
- Year upto March 2026: ₹12,31,485 crore (vs ₹11,25,291 crore)
Aggregating these, Total Gross GST Revenue has moved to ₹2,00,064 crore in March 2026 and to ₹22,27,096 crore on a yearly basis.
Note: Revenue figures on IGST include both collections on domestic inter-State supplies and imports, which are later apportioned between the Centre and States/UTs in accordance with the GST settlement mechanism.