New Delhi: India’s Goods and Services Tax (GST) mop-up for January climbed to ₹1.93 lakh crore, registering a 6.2 percent increase over the same month last year, indicating resilient domestic demand and robust import activity ahead of the Union Budget 2026–27. The figures, released by the Ministry of Finance, highlight steady fiscal momentum even as certain segments like cess collections and refunds showed signs of moderation.
The gross GST revenue for January stood at ₹1,93,384 crore, up from ₹1,82,094 crore in January 2025. The cumulative gross GST collection for the April-January period reached ₹18,43,423 crore, reflecting an 8.3 percent year-on-year growth a sign of consistent compliance and underlying consumption strength across sectors.
On the net collection front, GST receipts amounted to ₹1,70,719 crore in January, up 7.6 percent, while cumulative net revenue touched ₹15,95,752 crore, rising 6.8 percent compared with the same period last year.
However, refunds moderated, falling 3.1 percent to ₹22,665 crore, with domestic refunds declining 7.1 percent, while export refunds inched up 2.9 percent. Domestic GST collections increased 4.8 percent to ₹1,41,132 crore, whereas import GST remained strong at ₹52,253 crore, a 10.1 percent rise from January 2025. In contrast, compensation cess receipts plunged 55.6 percent to ₹5,768 crore, reflecting the gradual tapering of transitional mechanisms.
A state-wise analysis revealed uneven growth. States with strong manufacturing bases led the gains, including Haryana (+27%), Maharashtra (+15%), Gujarat (+13%), Himachal Pradesh (+18%), and Punjab (+12%). Mid-tier growth came from Tamil Nadu (+5%), Karnataka (+7%), Uttar Pradesh (+2%), Delhi (+3%), and West Bengal (+1%). States facing contractions included Madhya Pradesh (-15%), Jharkhand (-6%), Odisha (-10%), Chhattisgarh (-23%), and union territories like Ladakh and Lakshadweep (-30% each). Among UTs, Chandigarh (+15%) and Puducherry (+11%) posted healthy growth, underscoring regional disparities in tax performance.
Experts say that January GST collections reflect continued economic resilience ahead of the Budget, with consumption, industrial activity, and imports driving growth, while uneven state performance points to the need for targeted policy interventions to support lagging regions. The data will be closely watched by policymakers as an indicator of fiscal health and a guide for resource allocation in Budget 2026–27.