New Delhi, June 1: India’s Goods and Services Tax (GST) collections remained firm in May 2026, with gross revenue coming close to the ₹2 lakh crore mark, signalling sustained underlying economic activity despite global uncertainties and uneven external conditions.
Official data shows gross GST collections at ₹1,94,184 crore in May, registering a year-on-year growth of about 3.2 per cent compared to the same month last year. Net GST revenue stood at ₹1,66,904 crore, reflecting a 3.3 per cent increase over the corresponding period.
Refunds issued during the month rose modestly to ₹27,281 crore, marking a 2.6 per cent increase year-on-year. After accounting for refunds and base effects, adjusted GST growth is estimated to be significantly stronger, with gross collections rising close to 9 per cent.
A notable trend in the latest data is the divergence between domestic and import-linked revenues. While domestic GST collections declined marginally by 2.6 per cent to ₹1,34,530 crore, import-related GST surged sharply by 19.1 per cent to ₹59,654 crore, reflecting continued strength in trade-linked activity and external demand.
Officials and analysts note that part of the year-on-year comparison is influenced by last year’s high base, which included a one-time large payment by a telecom operator. This base effect has moderated headline growth figures but does not alter the underlying steady trajectory of GST inflows.
For the first two months of the current financial year, GST performance has remained stable, with gross collections rising 6.2 per cent to ₹4.37 lakh crore, while net revenues increased 5.5 per cent to ₹3.78 lakh crore.
The latest figures come shortly after record GST collections in April, reinforcing the overall strength of India’s indirect tax system. Economists say the sustained performance points to stable consumption demand, improving compliance, and resilience in key sectors, even as global geopolitical tensions and external uncertainties persist.