India’s GST collection touched Rs 2,03,521 crore in September, up 14.7 per cent from last year. Here is what drove the number.

Two engines powered the growth. Domestic revenue rose 10.1 per cent to Rs 1,37,996 crore. Import-linked revenue surged 26 per cent to Rs 65,525 crore.

Refunds actually fell 3 per cent to Rs 27,001 crore. That pushed net collection up 18.1 per cent to Rs 1,76,520 crore, a sharper rise than the gross figure.

This is the third month this financial year above Rs 2 lakh crore. April set a record at Rs 2.43 lakh crore and July crossed Rs 2.11 lakh crore. The first-half total stands at Rs 12,46,278 crore, up 11.6 per cent.

What do experts say? EY’s Saurabh Agarwal points to strong domestic demand despite global pressure. Grant Thornton’s Manoj Mishra cautions that the import surge should not be fully read as domestic strength.

What next? The GST Council meets on October 7. No major rate changes are expected. The focus, the finance minister has said, is on GST 2.0 process reforms.