RBI / research · Reserve Bank of India · 2026-07

RBI Bulletin July 2026 - State of the Economy (GST revenue trends)

The State of the Economy article in the RBI's July 2026 Bulletin tracks high-frequency fiscal indicators, including monthly gross GST revenue and its IGST, CGST and SGST parts. It notes stronger GST revenue growth, driven mainly by tax on imports, with domestic collections also healthy. On state finances, it observes that robust SGST collections, along with state excise and stamp duties, helped offset lower grants from the Centre. A statistical table tracks year-on-year GST revenue growth month by month.

Read the official report →All GST reports

Key findings and recommendations

  • GST revenue growth strengthened, led by IGST on imports.
  • SGST growth supported state revenue receipts at a time when central grants fell.
  • The Bulletin's monthly table shows year-on-year GST growth from June 2025 to June 2026.

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