GST collections jump 23% to second-highest ever at ₹2.31 lakh crore in October

GST collections jumped 23% year-on-year to the second-highest level of over ₹2.31 lakh crore in October as festive buying boosted domestic demand, according to government data released on Sunday, November 1, 2026.

October is the second consecutive month when monthly gross GST crossed ₹2 lakh crore, and second only to the record about ₹2.43 lakh crore mop-up in April.

The 22.9% year-on-year growth is also the fastest recorded pace in the current fiscal year. Gross GST from domestic sales rose 16% to over ₹1.59 lakh crore, and revenues from imports climbed 42% to ₹72,246 crore.

The ₹2.31 lakh crore collection includes Central GST of ₹42,935 crore, State GST of ₹51,340 crore and Integrated GST of over ₹1.37 lakh crore. Refunds rose 6.5% to ₹27,934 crore, while net GST collections after refunds rose 26% to over ₹2.03 lakh crore.

In April-October, gross GST collection grew 13.2% to over ₹14.77 lakh crore, with net collections up 13% to ₹12.69 lakh crore.

Analysts linked the surge to festive demand and the impact of GST 2.0 rate rationalisation.”October collections capture the festive-season demand cycle, which typically brings higher consumer spending, retail activity and movement of goods,” said Manoj Mishra, Partner at Grant Thornton Bharat, noting strong performance in Maharashtra, Karnataka, Gujarat, Uttar Pradesh and Madhya Pradesh.

EY India Tax Partner Saurabh Agarwal said the numbers reflect continued resilience despite global headwinds, while Deloitte Partner Mahesh Jaising said sustained revenue buoyancy despite bold rate cuts last year is giving the GST Council headroom for further reforms focused on simplification, faster refunds and smoother credit flows.

“With festive season sales now underway, it is expected that the momentum would continue,” Jaising said.