GST Collections Surge to ₹1.93 Lakh Crore in January; Strong Revenue Growth Precedes Union Budget 2026

Providing a robust fiscal cushion just as the Union Budget is unveiled, India’s Goods and Services Tax (GST) collections for January 2026 have shown significant strength. Official data reveals that gross GST revenue for the month climbed to ₹1,93,384 crore, representing a 6.2% increase over the ₹1,82,094 crore collected in the same month last year.

Sustained Fiscal Momentum

The January figures cap off a period of consistent revenue growth for the current fiscal year. From April 2025 through January 2026, total gross GST collections reached ₹18,43,423 crore. This marks an 8.3% year-on-year expansion compared to the ₹17,01,891 crore recorded during the corresponding ten-month period in the previous year.

This steady upward trajectory is largely driven by domestic economic activity. Cumulative gross domestic revenue for the April–January period rose by 6.6%, totaling ₹13,49,795 crore.

Robust Import Performance and Net Gains

Revenues from international trade also saw a sharp spike. In January 2026 alone, GST on imported goods jumped 10.1% to ₹52,253 crore. Over the full ten-month span, import-related GST revenue grew by a substantial 13.4%, contributing ₹4,93,628 crore to the national treasury.

After processing refunds, the net GST revenue for January 2026 stood at ₹1,70,719 crore, a 7.6% improvement over January 2025. For the fiscal year to date, net collections have crossed the ₹15.9 lakh crore mark, maintaining a healthy growth rate of 6.8%.

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Regional Highlights

Large industrial states continued to anchor the nation’s tax base between April 2025 and January 2026:

• Maharashtra: Led the country with total domestic collections of ₹2,99,555 crore, a 7.3% increase.
• Karnataka: Showed high growth of 11.5%, with collections reaching ₹1,30,671 crore.
• Gujarat: Reported revenue of ₹1,11,535 crore, up 8.5% year-on-year.
• Delhi: Posted a strong 12.5% growth in domestic collections, totaling ₹67,968 crore.

Setting the Stage for the Budget

These "buoyant" tax numbers arrive at a strategic moment as Finance Minister Nirmala Sitharaman presents the Union Budget 2026 today. The consistent 8.3% annual growth in gross revenues suggests a high level of tax compliance and economic stability. This fiscal strength provides the government with enhanced flexibility to fund key infrastructure projects and social programs while managing the fiscal deficit.

Also read: Defence, Railways, PSU Banks in Focus as Sitharaman Presents Budget 2026