Macro data signals growth: Sept GST jumps 14.7%; auto, UPI, PE-VC stay strong

Official data showed that the GST growth in Sept, based on transactions in Aug, was powered by a 26% jump in integrated GST on imported goods to Rs 65,525 crore as higher commodity prices and a weaker rupee drove up the import bill.

NEW DELHI/MUMBAI/CHENNAI: It turned out to be a strong end to the first half of the year, with GST collections jumping 14.7% to over Rs 2 lakh crore in Sept, amid double-digit growth in dispatches by the country's top automakers.

Other indicators also pointed to continuation of economic momentum despite a turbulent global situation, which is putting pressure on cost.Official data showed that the GST growth in Sept, based on transactions in Aug, was powered by a 26% jump in integrated GST on imported goods to Rs 65,525 crore as higher commodity prices and a weaker rupee drove up the import bill. Domestic collections remained strong, clocking double-digit growth to Rs 1,37,996 crore.

Total refunds fell 3%, resulting in an 18% jump in net collections to Rs 1,76,520 crore.

Among the states, Gujarat (17%), UP (11%), Telangana (18%) and Karnataka (12%) reported strong growth. "It is expected that the GST collections will continue to be robust in the festival season, which typically leads to higher consumption across product categories, and may lead to the annual target for the current year being exceeded," said MS Mani, a partner at Deloitte.

Auto sales gain momentum

The five leading carmakers reported double-digit growth in domestic passenger vehicle dispatches to dealers in Sept, ahead of the festive season. Maruti Suzuki posted nearly 37% growth, while Kia recorded the fastest increase among the five at 41%. Retail registrations will show how strongly consumer purchases match the increased supplies during the festive season.Utility vehicles powered much of Maruti's expansion, with sales rising 62% to 78,911 units.

They contributed more than three-fifths of its additional volumes over last Sept. However, growth extended beyond utility vehicles: Its combined mini, compact and mid-size passenger car sales increased 24% to 91,887 units.Tata Motors remained ahead of Mahindra and Hyundai in domestic passenger vehicle volumes. Its electric vehicle sales, including exports, increased 67% to 15,384 units.

Daily UPI volumes rise

Digital payments activity also stayed strong in Sept, despite lower monthly transaction counts, with daily average UPI value rising to Rs 97,913 crore from Rs 96,205 crore in Aug and IMPS value increasing to Rs 23,530 crore from Rs 22,701 crore, according to NPCI data.

Given the fewer number of days in Sept, monthly UPI transaction volume fell to 2,407 crore from 2,451 crore in Aug, while monthly transaction value declined to Rs 29.4 lakh crore from Rs 29.8 lakh crore.

IMPS transactions also fell to 35.4 crore from 36 crore.On a daily basis, UPI transactions increased to 80.2 crore in Sept from 79.1 crore in Aug. IMPS showed a similar increase in daily value despite the fall in monthly transaction count.

PE-VC investments up 21%

In a reversal of trend in private equity and venture capital (PE-VC) investments, the sector recorded a 21% y-o-y jump in CY2026. In first nine months (Jan-Sept), value of PE-VC investments touched $31.7 billion, against $26.2 billion in the same period in 2025. The investments exclude those in the real estate sector. The rise was driven by $6 billion of investments in Sept, including 12 mega deals (more than $100 million) totalling $5 billion, according to data from Venture Intelligence.

Sept also recorded the highest monthly investment value in past two years.