India’s gross goods and services tax (GST) receipts rose 22.9% in October against the Goods and Services Tax Network’s (GSTN) comparison base, which excludes cess and differs from the earlier official total.
The GSTN table puts October’s gross receipts at ₹2,31,290 crore, compared with ₹1,88,125 crore for the same month a year earlier. Receipts tied to imports increased 42.2% to ₹72,246 crore, while domestic collections gained 15.8% to ₹1,59,044 crore. Refunds rose 6.5% to ₹27,934 crore. After refunds, net receipts were ₹2,03,356 crore, an increase of 25.6%.
The comparison requires context. The Finance Ministry reported gross GST collections of ₹1,95,936 crore in October 2025, including ₹7,812 crore in compensation cess. Removing the cess gives ₹1,88,124 crore, ₹1 crore below the GSTN table’s comparison amount. The published figures do not explain the difference. Comparing October 2026 with the full 2025 total would give growth of about 18.0%, but that calculation uses figures with different cess treatment.
The comparison month also followed a change in tax rates. A Ministry of Finance FAQ on GST Council decisions says revised rates for most goods and services took effect Sept. 22, 2025.
The Ministry of Statistics and Programme Implementation (MoSPI) reported Consumer Price Index (CPI) inflation of 5.54% for September 2026, using a series with a 2024 base year. The Reserve Bank of India (RBI) raised its policy repo rate by 25 basis points to 5.50% on Oct. 7. The GST figures do not establish what drove the increase or show that festive demand caused it.
The RBI’s next monetary policy meeting is scheduled for Dec. 2-4, 2026.
