GST collections: The gross Goods and Services Tax (GST) collections touched a new high in April, reflecting continued strength in economic activity even in the midst of the ongoing Middle East conflict.According to government data released on Friday, gross GST revenue for the month reached a record Rs 2.43 lakh crore, registering an 8.7% increase over Rs 2.23 lakh crore collected in April last year.After accounting for refunds, net GST collections stood at Rs 2.11 lakh crore, up 7.3% from the corresponding period a year earlier.Refund disbursements during the month rose sharply, climbing 19.3% year-on-year to Rs 31,793 crore.As a result, net GST revenue for April 2026 came in at Rs 2,10,909 crore.Robust revenues from imports played a major role in driving GST collections during the month. Gross receipts from imports climbed sharply by 25.8% to Rs 57,580 crore, while gross domestic GST collections recorded a comparatively moderate increase of 4.3%, reaching Rs 1.85 lakh crore.The net GST revenue from imports surged 42.9%, significantly outpacing the marginal 0.3% rise in net domestic collections.The April performance follows a strong showing in March, when net GST collections stood at Rs 1.78 lakh crore, up 8.2% from a year earlier. Gross collections in that month had also crossed the Rs 2 lakh crore mark.For the full financial year 2025-26, gross GST revenue increased 8.3% year-on-year to Rs 22.27 lakh crore. Net GST collections for the year rose 7.1% to Rs 19.34 lakh crore.Major contributors such as Maharashtra, Karnataka and Gujarat continued to account for a substantial share of total collections.

The windfall tax on exports of diesel and aviation turbine fuel (ATF) has been lowered effective May 1, 2026. The excise duty on petrol and diesel sold in the domestic market will remain unchanged. The levy on diesel exports has been reduced to Rs 23 per litre from Rs 55.5 per litre, while the duty on ATF exports has been cut to Rs 33 per litre from the earlier Rs 42 per litre.In a statement, the Finance Ministry also announced that the road and infrastructure cess on diesel exports will be waived for the next fortnight starting May 1. Meanwhile, the export duty on petrol will continue to remain at zero.Earlier, on March 26, the government had imposed export duties of Rs 21.50 per litre on diesel and Rs 29.5 per litre on ATF. These rates were subsequently increased during a review on April 11 to Rs 55.5 per litre for diesel and Rs 42 per litre for ATF.The windfall tax was introduced to ensure that adequate domestic supplies of petroleum products remain available amid supply disruptions arising from the conflict involving the United States, Israel and Iran. It was also intended to prevent exporters from profiting excessively from the widening gap between domestic and international fuel prices as global crude markets rallied sharply.According to the ministry, the export duty framework is aimed at discouraging excessive overseas shipments during the ongoing West Asia crisis, thereby safeguarding domestic fuel availability.Following military strikes by the United States and Israel on Iran on February 28, Tehran responded with extensive retaliation, escalating tensions across the Middle East. India’s oil supply through the Strait of Hormuz remains affected, but its diversified procurement basket and the availability of millions of barrels of Russian crude on water have helped ease the supply bottlenecks for now.Since the outbreak of the conflict, crude oil prices have climbed steeply, rising from around $73 a barrel to a four-year high of $126 a barrel.