Explore the Data

Interactive dashboards from Data Diaries datasets. Each chart tells part of a larger story.

COMPLIANCE

GST Foundation

India's GST network is the backbone of digital commerce tracking — 1.46 crore active registrations across states and taxpayer types.

India Heat Map — GST Registrations by State

Fewer
More registrations
Insight: UP and Maharashtra each have nearly 20 lakh GST registrations — together accounting for 25% of India's 1.6 crore total. Southern and western states show higher registration density relative to population.

Source: GST Portal, 31 Jan 2026

Top 10 States by GST Registrations

Insight: UP leads with 21.2 lakh registrations, narrowly ahead of Maharashtra (19.7L). Together, the top 5 states hold over 50% of all GST registrations. States with large informal economies have relatively fewer registrations despite large populations.

Source: GST Portal, 31 Jan 2026

GST Registrations by Taxpayer Type

Insight: 89% of India's 1.6 crore GST registrations are Normal Taxpayers. Composition scheme (8.4%) serves smaller businesses with simplified compliance. The remaining 2.6% includes TDS deductors, TCS collectors, and ISDs — mostly institutional entities.

Source: GST Portal, 31 Jan 2026

MSME

E-Invoice Adoption

From 9.9 lakh generators to 82 lakh recipients — e-invoicing has created a verified digital trail across India's business ecosystem.

E-Invoice Growth Trend

Insight: E-invoice participation grew steadily through 2024-25. Generators rose from 9.1 lakh to 9.9 lakh, while recipients remained stable around 80-82 lakh — reflecting a maturing ecosystem where most large buyers are already covered.

Source: GST e-Invoice Portal

Generator-to-Recipient Ratio

Insight: The ratio has been gradually increasing from 11.6% to 12.1%, meaning the generator base is expanding faster than the recipient base. This is a positive sign — more suppliers are entering the verified invoice ecosystem.

Source: GST e-Invoice Portal

E-Invoice Coverage by State (% of GST Registrations)

Insight: Chandigarh and Punjab lead in e-invoice coverage relative to total registrations. Large states like UP (3%) and Bihar have low coverage — reflecting their dominant micro-enterprise base below the ₹5 crore threshold.

Source: GST e-Invoice Portal, March 2026

Invoice Frequency by Turnover Slab (Avg Invoices/Month)

Insight: 67% of GSTR-1 filers (71.8 lakh businesses) are below ₹1 crore turnover and generate fewer than 12 invoices a month. Current invoice finance products work best with volume — this segment needs different product design.

Source: GSTN 8-Year Report, June 2025

MSME

TReDS Financing

Invoice discounting at scale — ₹3 lakh crore financed across platforms, connecting MSMEs to working capital through verified trade receivables.

TReDS Monthly Financing (Rs Crore)

Insight: TReDS financing grew 53% from ₹21,317 crore in April 2025 to ₹32,624 crore in February 2026. December 2025 was the peak month at ₹33,966 crore, likely reflecting year-end working capital demand.

Source: RBI TReDS Statistics, Apr 2025 to Feb 2026

TReDS Platform Comparison (Feb 2026)

Insight: Mynd Solutions (M1xchange) leads with 73,241 MSME sellers and ₹1,218 Cr financed. RXIL follows closely in financing value. The two newer entrants — C2FO and KredX — are still scaling, with KredX joining only in June 2025.

Source: RBI TReDS Statistics, Feb 2026

TReDS — Key Stats (February 2026)

1.98 L
MSME sellers registered across all platforms
₹32,624 Cr
Financed in February 2026
~95%
Invoices uploaded that get financed
Insight: Capital availability isn't the bottleneck — 95% of invoices uploaded get financed. The challenge is reach: only 1.98 lakh of India's estimated 7.9 crore MSMEs are on TReDS.

Source: RBI TReDS Statistics, Feb 2026

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