India's October GST Collections Rise 22.9 Percent to Rs 2.31 Lakh Crore

India's gross goods and services tax collections rose 22.9 percent year-on-year in October 2026 to Rs 2.31 lakh crore, according to provisional government figures released on November 1. The total is the second-highest monthly mop-up on record, behind only the Rs 2.43 lakh crore collected in April 2026, and marks the fourth month this fiscal year in which collections exceeded Rs 2 lakh crore.

Domestic GST collections grew 15.8 percent to Rs 1.59 lakh crore. Import-related GST revenue increased 42.2 percent to Rs 72,246 crore. Net collections after refunds stood higher by 25.6 percent at over Rs 2 lakh crore. Refunds themselves rose 6.5 percent to Rs 27,934 crore.

The growth rate is the fastest since September 2022 and accelerates sharply from the 4.6 percent recorded in October 2025. Analysts attributed part of the increase to a low statistical base from the previous year, when consumption slowed ahead of GST rate revisions, and to higher commodity prices lifting the import levy.

Supporting indicators of demand included a 23 percent rise in digital payment volumes to 25.47 billion transactions in October and a nearly 22 percent increase in power consumption to 160 billion units. Passenger car sales also rose during the festive period.

Tax professionals noted that the figures reflect both festival-season spending and continued compliance efforts. MS Mani of Deloitte said the data suggest festival consumption increases, stricter audits, and a growing contribution from import GST. The average monthly gross collection for the current fiscal year stands at Rs 2.11 lakh crore.

The numbers arrive while the government manages higher subsidy outlays linked to the conflict in West Asia. Finance ministry officials have not yet published a revised full-year target, but the October result places collections on a trajectory above the budgeted estimate if the pace holds after the festive season ends.

The next major data point will be the November collections, which will show whether the post-festival momentum continues. The Monetary Policy Committee of the Reserve Bank of India is scheduled to meet on December 2-4.