Strong Total, Weaker Core: Why a Record Import Share Changes How We Should Read September's ₹2.03 Lakh Crore GST
The September 2026 GST data shows imports contributing their highest-ever share of gross GST revenue and domestic transactions their lowest. This matters because GST is widely read as a sign of domestic consumption and a key input for central and state budgets. If more revenue growth comes from import values driven by the exchange rate and commodity prices, the headline figure becomes a less reliable guide to the domestic…