The RBI raised its rate to 5.5%. It expects inflation of 5.8%.
India's first rate hike in 3 years 8 months takes the repo rate to 5.50%. The RBI's own forecast puts inflation at 5.8% for October 2026 to June 2027.
CapitalVia Research Desk ·
Data story
28 Sep 2026
28 Sep 2026
GST grew 14.8%. The part India paid at home grew 3.4%.
Gross GST hit ₹1,99,853 crore in August 2026 — the number in every headline. Take out tax paid at the border and money refunded, and net GST from domestic business grew just 3.4%.
Where August's extra GST came from
70%of the rise in net GST came from imports
Net GST rose by ₹12,876 crore year-on-year. ₹8,973 crore of that was IGST on imports (after export refunds). Domestic transactions added ₹3,904 crore.
August 2026
69.7% · ₹8,973 cr₹3,904 cr · 30.3%
April–August 2026
77.3% · ₹56,915 cr₹16,669 cr · 22.7%
From the headline to the home-grown number
Year-on-year growth, August 2026 vs August 2025 (provisional)
Gross, importsIGST collected at the border
29.0%
Net, importsafter export refunds
22.3%
Gross, totalthe headline figure
14.8%
Gross, domesticbefore refunds
9.3%
Net, totalafter all refunds
8.3%
Net, domesticwhat stays from home
3.4%
ImportsTotal & domesticNet domestic
The refund effect
Two-thirds
of the extra domestic GST collected in August went straight back out as refunds. Gross domestic GST rose ₹11,679 crore; domestic refunds rose ₹7,775 crore, up 72.6% to ₹18,490 crore. That money didn't vanish — it went back to businesses.
Home-grown GST: big states split both ways
Growth in domestic GST, August 2026 vs August 2025 — the 12 largest-collecting states (excludes GST on imports)
Uttar Pradesh
+19%
Telangana
+16%
Gujarat
+15%
Karnataka
+13%
Haryana
+12%
Delhi
+10%
All India
+9.3%
Maharashtra
+8%
West Bengal
0%
Tamil Nadu
−1%
Rajasthan
−2%
Andhra Pradesh
−7%
Odisha
−7%
← shrankgrew →
If you're salaried
"GST up 14.8%" is easy to read as shoppers spending freely. The domestic net figure is far quieter. Part of that is likely by design: since 22 Sep 2025 most goods sit in a 5% or 18% slab, so this August is being compared with the last August at the old, higher rates. Less GST per rupee spent is partly your saving.
If you're a founder
Refunds are where the action is. ₹31,795 crore went back to businesses in August — 67.9% more than a year ago — including ₹13,305 crore to exporters. If your model runs on input-tax credit or exports, refund cash is a working-capital line worth tracking month by month.
If you set budgets
Don't plan off the national average. Domestic GST rose 19% in Uttar Pradesh and 15% in Gujarat but fell 7% in Andhra Pradesh and Odisha. State GST reflects where tax is filed, not just where people buy — but a gap this wide is a signal to check regional demand before you split a target.
31.3%
Share of gross GST paid on imports, Aug 2026 (27.9% a year earlier)
+2.7%
Net domestic GST growth, Apr–Aug 2026
+30.4%
Net import GST growth, Apr–Aug 2026
+162%
Assam's domestic GST, Aug 2026 — the outlier the release doesn't explain
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