The data shows that revenue from imports grew by 25.9% in September 2026 while revenue from domestic transactions grew by a relatively slower 10.1%.
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The Centre’s gross Goods and Services Tax (GST) revenue rose to ₹2.03 lakh crore in September 2026, a growth of 14.7% over the last year. However, the data also points to a changing trend of where India is earning its GST revenue from.
An analysis of historical GST data shows the share of revenues from imports has risen to its highest-ever level, while the share of revenue from domestic transactions has correspondingly fallen to its lowest-ever level.
Over the first half of the financial year, spanning the April-September 2026 period, gross GST revenue grew at 11.6%.
“The increased focus on reducing complications and the increasing number of GST audits undertaken this year appear to be yielding results in the form of the gross monthly GST collection once again crossing the Rs 2 lakh crore mark,” M.S. Mani, partner at Deloitte India said.
“It is especially remarkable to see the gross GST collections growing by 14.7% and the net GST collections growing by 18.1% compared to the same month last year despite last year being on higher GST rates compared to the current year,” he added.
Import dependence growing
However, within the gross collections, the data shows that revenue from imports grew by 25.9% in September 2026 while revenue from domestic transactions grew by a relatively slower 10.1%.
While the growth in domestic revenue is among the fastest seen since August 2025, the faster pace of import revenue growth through this period has meant that the composition of the Centre’s GST revenues has been changing.
That is, revenue from imports in September 2026 saw its share increase to 32.2% of total gross GST revenue, the highest-ever. Correspondingly, the share of domestic revenues fell to a lowest-ever 67.8%.
“The sharp 25.9% growth in import-linked GST in September, compared with around 10% growth in domestic GST, reflects a combination of currency, commodity prices and import dynamics,” Manoj Mishra, Partner and Tax Controversy Management Leader at Grant Thornton Bharat said.
“Rupee depreciation has increased the landed rupee value of dollar-denominated imports, while elevated crude and commodity prices have pushed up the overall import bill and, consequently, the GST base,” he explained.
Mr. Mishra added that, while these factors are boosting GST revenues at the moment, the rupee exchange rate and import volumes will be important variables in determining how much of this buoyancy can be sustained in the months ahead.
Refund issues
The data also shows that total refunds contracted 3% in September 2026, driven by a contraction in domestic refunds even as refunds on imports grew during the month. This warrants attention, according to some tax professionals.
“Domestic refunds contracted by 13.5% in September, suggesting that departments may be holding back disbursements — a trend that warrants close monitoring to ensure liquidity for businesses,” Vivek Jalan, partner at Tax Connect Advisory Services said.
This was, however, the first contraction in refunds since January 2026 and the overall trend has been one of growth, and so Pratik Jain, partner at Price Waterhouse & Co instead pointed to the more robust trend over the first half of this financial year.
“At the same time, cumulative refunds are up nearly 19%, which is a positive signal for businesses from a liquidity standpoint,” he explained.
Published – October 01, 2026 04:20 pm IST
