GST collections: India’s net Goods and Services Tax (GST) collections increased to Rs 1.78 lakh crore in March 2026, marking a rise of 8.2% compared to the previous month, according to official figures released on Wednesday.Gross GST revenue for March stood at Rs 2 lakh crore, which is an 8.8% increase over the same month last year.Abhishek Jain, Indirect Tax Head & Partner, KPMG says, “GST collections continue to show steady 9% annual growth, supported by strong import activity this month and consistent compliance. While export refunds have eased this month but remain healthy overall for the year”Refunds during the month totalled Rs 0.22 lakh crore, up 13.8% on a year-on-year basis, which resulted in net GST collections of Rs 1.78 lakh crore.Domestic GST revenue reached Rs 1.46 lakh crore, registering a growth of 5.9%, while revenue from imports was recorded at Rs 0.54 lakh crore, rising sharply by 17.8% during the period.Post-settlement GST figures across states presented a varied trend. While industrially advanced states recorded strong growth, several others reported a decline.Maharashtra contributed the highest amount to the overall collections at Rs 0.13 lakh crore on a pre-settlement basis, followed by Karnataka and Gujarat.Among states showing an increase in post-settlement SGST collections were Himachal Pradesh, Punjab, Uttarakhand, Haryana, Rajasthan, Uttar Pradesh, Bihar, Gujarat, Maharashtra, Karnataka, Kerala, Tamil Nadu, Telangana and Andhra Pradesh, among others.On the other hand, states such as Jammu and Kashmir, Chandigarh, Delhi, Arunachal Pradesh, Meghalaya, Assam, West Bengal, Jharkhand, Odisha, Chhattisgarh and Madhya Pradesh, among others, registered a decline in post-settlement SGST revenues.

Business sentiment among major Japanese manufacturers rose from 16 to 17 in March, according to the Bank of Japan’s quarterly survey released on Wednesday.

The improvement in the so-called diffusion index in the closely watched “tankan” report, recorded for the fourth quarter straight, comes even as worries grow about Japan’s economic growth and oil supplies because of the US-Israeli war on Iran.

The survey is an indicator of companies foreseeing good conditions minus those feeling pessimistic.

The index for large non-manufacturers, such as the service sector, stood unchanged from the last tankan at 36.

Japan’s inflation has so far remained relatively moderate, but worries are growing about prices at the gas stands and other products. Investors and consumers alike are filled with uncertainty about how much longer the war may last and what US president Donald Trump might say next. Japan’s benchmark Nikkei 225 has gyrated wildly in recent weeks.

Analysts say the Bank of Japan may start to raise interest rates because of concerns about inflation, given the soaring energy costs and declining yen, two elements that greatly affect living costs for the average Japanese consumer.

Historically, Japan has benefited from a weak yen because of its giant exports, exemplified in autos and electronics. A weak yen raises the value of exports’ earnings when converted into yen.

But in recent years, a weak yen is working as a negative, as resource-poor Japan imports much of its energy, as well as other key products such as food and manufacturing components.

The US dollar has been soaring against the yen lately.

Japan’s central bank had a negative interest rate policy for years to fight deflation until it normalised policy in 2024. It kept the rate unchanged at 0.75 per cent in March. The next Bank of Japan monetary policy board meeting is set for April 27 and 28.