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India GST collections, year by year — gross GST and growth since 2017

Q: What is included in gross GST collection?

Gross GST collection is the total of Central GST (CGST), State GST (SGST), Integrated GST (IGST, levied on inter-state supplies and imports) and the GST Compensation Cess, before refunds. The headline monthly number reported by the government is this gross figure; net GST after refunds is lower. IGST is later apportioned between the Centre and the States.

Q: Why does GST collection matter for banks?

GST collection is a near-real-time proxy for consumption and economic activity, so it signals the demand environment in which banks lend. It is also a major source of government revenue, so strong GST eases the fiscal deficit and the government's market borrowing, which affects G-Sec yields and bank bond portfolios. In addition, banks and NBFCs increasingly use a borrower's GST returns (via the Account Aggregator framework) to underwrite MSME and business loans.

Quick answerIndia’s gross GST collection (CGST+SGST+IGST+cess) has roughly tripled from about Rs 11.8 lakh crore in the first full year (FY2018-19) to about Rs 22 lakh crore in FY2024-25 (provisional). The only annual fall was FY2020-21 (about −7%) during COVID-19; collections then rebounded ~30% the next year. Monthly gross GST now averages roughly Rs 1.8 lakh crore. GST is the cumulative counterpart to consumption and feeds the government’s revenue, easing the fiscal deficit and shaping growth. Figures are official, rounded and revised periodically.

The chart shows annual gross GST collection (Rs lakh crore) as bars with year-on-year growth (%) as a line; the table below carries the same figures so the page is readable without JavaScript — for accessibility and AI answer engines.

Gross GST collection by fiscal year (Rs lakh crore)

Fiscal year	Gross GST (Rs lakh cr)	YoY growth	Note
FY2017-18	7.19	—	Partial year — GST launched 1 Jul 2017 (9 months)
FY2018-19	11.77	—	First full year of GST
FY2019-20	12.22	+3.8%	Pre-pandemic
FY2020-21	11.37	-7.0%	COVID-19 disruption — only annual GST decline so far
FY2021-22	14.83	+30.4%	Sharp post-COVID rebound + better compliance
FY2022-23	18.10	+22.0%	Strong nominal growth & anti-evasion drive
FY2023-24	20.18	+11.5%	Crossed Rs 20 lakh crore for the first time
FY2024-25	22.08	+9.4%	Provisional; monthly run-rate ~Rs 1.8 lakh crore

Figures are official monthly GST releases (GSTN / PIB / CBIC) aggregated to the fiscal year, rounded and approximate; later years are provisional and revised. FY2017-18 is a 9-month partial year (GST launched 1 July 2017), so it is not comparable year-on-year. For exact latest figures see the sources linked below.

What it means for bankers

Gross GST collection is one of the timeliest reads on the real economy: because it is reported monthly and tracks taxable consumption and turnover, it signals the demand environment in which banks extend credit. It is also a major source of government revenue, so buoyant GST helps contain the fiscal deficit and the size of the market borrowing programme — which in turn shapes G-Sec yields and the mark-to-market on bank bond books. Increasingly, lenders also use a borrower’s GST returns — shared with consent through the Account Aggregator framework — to underwrite MSME and business loans, making GST data part of the credit-assessment toolkit alongside GDP growth and inflation.

Key terms in this dataPlain-English definitions of the terms behind this dashboard — see the full Indian banking glossary. Repo rate · CRAR

More live dataExplore BankPulse’s other live RBI dashboards: Fiscal Deficit · Real GDP Growth · Sectoral Credit · Government Debt.

India GST collections FAQ

How much GST does India collect?

India's gross GST collection was about Rs 22 lakh crore in FY2024-25 (provisional), up from ~Rs 20.2 lakh crore in FY2023-24 and ~Rs 11.8 lakh crore in the first full year (FY2018-19). Monthly gross collections now average roughly Rs 1.8 lakh crore. Figures cover CGST+SGST+IGST+cess, are rounded and approximate, and recent years are provisional.

Has GST collection ever fallen year-on-year?

Yes — the only annual decline so far was FY2020-21, when gross GST fell about 7% to ~Rs 11.4 lakh crore as COVID-19 lockdowns cut consumption. Collections then rebounded ~30% in FY2021-22 as the economy reopened and compliance tightened.

What is included in gross GST collection?

Gross GST is the total of CGST, SGST, IGST (on inter-state supplies and imports) and the Compensation Cess, before refunds. The headline monthly figure is gross; net GST after refunds is lower. IGST is later apportioned between the Centre and the States.

Why does GST collection matter for banks?

GST is a near-real-time proxy for consumption and activity, signalling the demand environment for lending. It is a major government revenue source, so strong GST eases the fiscal deficit and market borrowing, affecting G-Sec yields and bank bond books. Banks and NBFCs also use GST returns (via Account Aggregator) to underwrite MSME loans.

Methodology & sources: see how BankPulse dashboards are sourced, verified & updated · machine-readable GST-collections JSON feed.

Last reviewed 19 Jun 2026 by Vikram Jain

Source: GST Network (GSTN) / Press Information Bureau (PIB) / CBIC monthly GST collection releases, gst.gov.in and pib.gov.in. Figures are official, rounded and approximate; recent years are provisional and revised. We never reproduce source text verbatim. Reviewed by Vikram Jain. Last updated 19 Jun 2026, 03:30 IST.