GST Revenues Rise 6.2% in Jan 2026 to ₹1.93 Lakh Cr
GST Revenues Rise 6.2% in Jan 2026 to ₹1.93 Lakh Cr
January 2026 GST receipts rise 6.2% YoY to over ₹1.93 lakh crore before refunds; net after refunds climbs 7.6% to ₹1.71 lakh crore as rate cuts influence demand.
GST revenue in January 2026 crossed the ₹1.93 lakh crore mark, marking a 6.2% annualized rise. The gross GST collection for the month was ₹1,93,384 crore, up from ₹1,82,094 crore in January 2025 after adjusting for compensation cess of ₹7,241 crore for an accurate comparison. After refunds, net GST collection stood at ₹1,70,719 crore, higher than ₹1,58,701 crore a year earlier, a growth of 7.6%. Refunds themselves declined 3.1% to ₹22,665 crore.
Analysts attribute part of the moderation in growth since October to the recent GST rate rationalisation and the removal of the compensation cess on luxury items, with exceptions only for pan masala and tobacco products. The first full month after these rate cuts took effect in September 2022 saw the impact reflected in November’s numbers, and January’s data also mirrors the activity of December. In the broader picture, cess revenue for January fell to ₹5,848 crore from ₹12,483 crore a year earlier.
For the April 2025–January 2026 period, gross GST revenue exceeded ₹18.43 lakh crore, up from ₹17.01 lakh crore in the same stretch a year earlier, underscoring a still-growing tax base despite the rate changes. The reductions were part of a broader reform aimed at boosting consumption and simplifying the tax regime, while balancing the needs of revenue collection and fiscal stability. This data signals a cautious but resilient early-year picture for India’s indirect tax system and hints at ongoing adjustments shaping consumer demand and government revenue.
