Monthly India GSTGross versus net collections
GrossNet
₹ crore. Gross includes domestic and import-related collections before refunds; net is post-refund. The difference is descriptive and should not be mechanically assigned to one cause.
India GST data
GST collections are an activity signal—not a company revenue line.
The headline is useful only after gross, net, domestic and import-related collections are kept conceptually separate. Altys stores the series with source and availability dates.
Latest month Jul 2026Published 4 Sept 2026Gross and net kept separateOfficial GST statistics
Latest official month
Jul 2026 GST collections.
The observation describes July. The current vintage became available to Altys on 4 Sept 2026. That distinction prevents a later release from appearing in an earlier backtest.
Gross GST₹2,11,205 cr+7.9% YoY
Net GST₹1,81,237 cr+7.5% YoY
Gross less net₹29,968 crA difference, not a refund-only identity
History in Altys28 monthsGross/net workbook history
| Month | Gross GST | Net GST | Gross YoY | Available to Altys |
|---|---|---|---|---|
| Jul 2026 | ₹2,11,205 cr | ₹1,81,237 cr | +7.9% | 4 Sept 2026 |
| Jun 2026 | ₹1,94,812 cr | ₹1,62,377 cr | +5.5% | 4 Aug 2026 |
| May 2026 | ₹1,94,184 cr | ₹1,66,904 cr | -3.4% | 5 Jul 2026 |
| Apr 2026 | ₹2,42,702 cr | ₹2,10,909 cr | +2.5% | 4 Jun 2026 |
| Mar 2026 | ₹2,00,167 cr | ₹1,77,814 cr | +2.1% | 5 May 2026 |
| Feb 2026 | ₹1,88,828 cr | ₹1,66,077 cr | +2.8% | 4 Apr 2026 |
| Jan 2026 | ₹1,99,324 cr | ₹1,76,487 cr | +2.0% | 7 Mar 2026 |
| Dec 2025 | ₹1,79,101 cr | ₹1,49,808 cr | +1.3% | 4 Feb 2026 |
| Nov 2025 | ₹1,75,032 cr | ₹1,56,085 cr | -4.0% | 4 Jan 2026 |
| Oct 2025 | ₹1,95,936 cr | ₹1,69,002 cr | +4.6% | 5 Dec 2025 |
| Sept 2025 | ₹1,89,017 cr | ₹1,60,360 cr | +9.1% | 4 Nov 2025 |
| Aug 2025 | ₹1,86,315 cr | ₹1,66,956 cr | +6.5% | 5 Oct 2025 |
| Jul 2025 | ₹1,95,735 cr | ₹1,68,588 cr | +7.5% | 4 Sept 2025 |
Source: GSTN official gross and net collection workbook, parsed and versioned by Altys. The stable upstream file can change; Altys preserves content-hash vintages.
Investor framework
Four questions after the GST headline.
01
Nominal or real?
Collections can rise because prices rose. Compare the signal with inflation and physical company volumes where possible.
02
Domestic or imports?
Total gross GST combines different activity. A domestic-consumption thesis needs the domestic series, not only the headline.
03
Broad or concentrated?
National growth can coexist with weakness in one state, category or company. Attribution requires a narrower denominator.
04
Expected or surprising?
A strong macro print can already be priced into revenue expectations and valuations. Compare the result with the thesis, not zero.
GST methodology
Questions about the data.
What is gross GST collection?
Gross GST is the total collection before refunds and includes domestic activity plus import-related GST. It should not be treated as the same series as domestic GST or net revenue after refunds.
Why can gross and net GST move differently?
Refunds vary by month and can change the distance between gross collections and net revenue. Import composition and settlement timing can also affect the headline series.
Does higher GST collection mean listed-company revenue rose?
No. GST aggregates tax receipts across the economy. Rate changes, compliance, inflation, imports, timing and formalisation can move collections even when one company or sector behaves differently.
How should an investor use GST data?
Use year-on-year growth, a rolling average and domestic-versus-import context as a macro demand or formalisation check. Then compare it with company volume, realization, market share and reported revenue.
Altys alternative intelligence
Turn an outside signal into a monitored investment question.
Altys connects alternative data with company financials, filings, guidance, factors and portfolio context. The source stays visible; the conclusion remains yours.