January 2026 delivered ₹1,92,300 crore in GST — the highest growth rate (11.3%) in H2 FY26. Strong Q3 corporate filings, festive season carryover, and anti-evasion measures drove the second-highest monthly collection of the fiscal year.
| Month | Total | CGST | SGST | IGST | Cess | YoY |
|---|---|---|---|---|---|---|
| Jan 2026 | ₹1923.0L Cr | ₹34,900 | ₹44,200 | ₹99,300 | ₹13,900 | +11.3% |
| Dec 2025 | ₹1862.0L Cr | ₹33,800 | ₹42,800 | ₹96,200 | ₹13,400 | +8.7% |
| Nov 2025 | ₹1812.0L Cr | ₹32,800 | ₹41,600 | ₹93,800 | ₹13,000 | +9.8% |
| Oct 2025 | ₹1845.0L Cr | ₹33,400 | ₹42,300 | ₹95,600 | ₹13,200 | +10.1% |
| Sep 2025 | ₹1786.0L Cr | ₹32,300 | ₹40,800 | ₹92,500 | ₹13,000 | +9.5% |
| Aug 2025 | ₹1758.0L Cr | ₹31,800 | ₹40,200 | ₹90,900 | ₹12,900 | +10% |
Corporate Q3 settlements, December festive sales reflection
IT billing cycle (quarterly), SaaS companies year-end
Chemical exports, textile manufacturing, ceramic sector
Auto sector (year-end targets), electronics, IT services
FMCG, sugar, real estate registration activity
Auto OEMs (Maruti Manesar), IT corridor Gurgaon
Pharma exports (US FDA approvals), IT/ITES
Trading, government procurement, services
| Metric | FY 2025-26 (10M) | FY 2024-25 (10M) | Growth |
|---|---|---|---|
| YTD (Apr-Jan) Collection | ₹19.07 L Cr | ₹17.26 L Cr | +10.5% |
| Average Monthly (10M) | ₹1.91 L Cr | ₹1.73 L Cr | +10.4% |
| Jan vs Jan LY | ₹1.92 L Cr | ₹1.73 L Cr | +11.3% |
| IGST (Imports YTD) | ₹4.81 L Cr | ₹4.43 L Cr | +8.6% |
| Domestic (CGST+SGST YTD) | ₹7.79 L Cr | ₹6.99 L Cr | +11.4% |
| Cess Collection YTD | ₹1.35 L Cr | ₹1.24 L Cr | +8.9% |
October-December quarter filings by large corporates reflect strong festive/holiday season sales across FMCG, auto, electronics
TCS mechanism on e-commerce (Section 52) capturing more transactions. Amazon, Flipkart, Meesho collections growing 15%+ YoY
Global trade recovery and electronics imports (phones, semiconductors, capital goods) drove IGST on imports up 8.6%
December is peak auto sales month — OEMs push inventory clearing leading to high GST on vehicles (28%+cess)
Biometric Aadhaar (nationwide from Oct 2024), GSTR-2B auto-matching, and system-based suspension reduced fake ITC by ₹20,000+ Cr annually
RERA completions, festive season bookings, and commercial real estate leasing activity drove 18% GST on under-construction sales
India collected ₹1,92,300 crore (₹1.92 lakh crore) in gross GST during January 2026 — a 11.3% year-on-year growth over January 2025 (₹1.73 lakh crore). This was the second-highest monthly collection in FY 2025-26, behind only April 2025 (₹2.03L Cr). The breakdown: CGST ₹34,900 Cr, SGST ₹44,200 Cr, IGST ₹99,300 Cr (including ₹50,100 Cr on imports), and Cess ₹13,900 Cr.
January collection reflects December transactions — the peak consumption month. Key drivers: (1) Christmas/New Year sales across all sectors; (2) Corporate Q3 billing cycle completions; (3) Auto industry year-end push (highest registration month); (4) E-commerce year-end sales; (5) Year-end maintenance/capital expenditure by companies before budget cuts. Additionally, improved compliance through anti-evasion measures (biometric Aadhaar, GSTR-2B matching) added structural revenue gains.
IGST collection was ₹99,300 Cr (51.6% of total) — split between imports (₹50,100 Cr) and inter-state supplies (₹49,200 Cr). The import component grew 8.6% YoY driven by electronics (iPhones, semiconductors), crude oil, gold, and capital goods. The inter-state component grew faster at 12.1%, reflecting strong domestic manufacturing and distribution activity. After IGST settlement, Centre gets ~50% and States get ~50%.
The timing works like this: October/November (Diwali, Dussehra) → Sales happen → GST collected by sellers → Filed in GSTR-3B of next month → Government receives in Dec-Jan. Similarly, December (Christmas, year-end) sales reflect in January collection. The festive effect is spread across Oct-Jan collections. January specifically captures: (1) Late Diwali/Dhanteras purchases; (2) Christmas shopping; (3) Year-end corporate spending; (4) Auto registration rush.
Karnataka (Bengaluru) is India's IT capital with 40%+ of India's IT/ITES exports. Large IT companies (Infosys, Wipro, TCS offices) bill quarterly. Q3 (Oct-Dec) billing gets reported in January GSTR-3B. SaaS companies (Zoho, Freshworks, etc.) have annual renewal cycles in December-January. The combination makes Karnataka's January collection spike — hitting ₹19,400 Cr (10.1% national share), its highest monthly contribution in H2.
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