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 — 1.67 crore active registrations across states and taxpayer types.

India Heat Map — GST Registrations by State

Fewer
More registrations
Insight: Uttar Pradesh (22.0 lakh) and Maharashtra (20.6 lakh) together account for 25.5% of India's 1.67 crore registrations. Southern and western states show higher registration density relative to population.

Source: GSTN, 9 Years of GST (as on 30 June 2026)

Top 10 States by GST Registrations

Insight: Uttar Pradesh leads with 22.0 lakh registrations, ahead of Maharashtra (20.6L). The top 5 states hold 48% of all GST registrations. States with large informal economies have relatively fewer registrations despite large populations.

Source: GSTN, 9 Years of GST (as on 30 June 2026)

GST Registrations by Taxpayer Type

Insight: 89% of India's 1.67 crore GST registrations are Normal Taxpayers. The Composition scheme (8.1%) serves smaller businesses with simplified compliance, and its share has reduced from 9.6% a year earlier. The remaining 2.9% includes TDS deductors, TCS collectors, and ISDs — mostly institutional entities.

Source: GSTN, 9 Years of GST (as on 30 June 2026)

MSME

E-Invoice Adoption

From 8.6 lakh generators to 88 lakh recipients — e-invoicing has created a verified digital trail across India's business ecosystem.

E-Invoice Growth Trend

Insight: Recipients grew from 82.5 lakh to 88.3 lakh over the year while generators held between 9.3 and 10.0 lakh. The verified invoice record keeps reaching further down the buyer side even as the issuing base stays broadly flat. Generators then fell 14.6% in June 2026, the only month to break the pattern. The previous year's report showed no such drop in its final month, and nothing in the reports accounts for it.

Source: GSTN, 9 Years of GST (Jul 2025 to Jun 2026)

Generator-to-Recipient Ratio

Insight: The ratio held between 11.0% and 11.4% for eleven straight months, so the two sides grew in step rather than one outpacing the other. June 2026 breaks that pattern sharply. The previous year’s report showed no comparable drop in its own final month, so this is not simply an artefact of the reporting date, and the reports do not explain it.

Source: GSTN, 9 Years of GST (Jul 2025 to Jun 2026)

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 (75.4 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.
Show the numbers
Invoice reporting by turnover slab, FY 2025-26. Invoice counts are for March 2026.
Turnover slabTaxpayersInvoicesAvg/month
Up to ₹5 L1,828,7981,789,2040.6
₹5-10 L905,1712,305,2051.7
₹10-20 L1,215,7084,950,1812.8
₹20-30 L858,6784,890,6584.1
₹30-40 L652,0384,670,3905.3
₹40-50 L518,2174,474,6786.5
₹50-70 L774,4208,160,2258.1
₹70 L-1 cr789,98510,770,81310.8
₹1-1.5 cr796,53614,749,90615.2
₹1.5-2 cr501,38912,096,33420.5
₹2-3 cr590,59118,932,67828.1
₹3-4 cr354,99614,860,05038.0
₹4-5 cr253,59012,471,87346.1
₹5-8 cr390,85224,614,45460.4
₹8-10 cr157,78412,420,79876.8
₹10-20 cr346,24136,525,768103.6
₹20-50 cr235,22141,045,318171.2
₹50-100 cr79,87325,189,391303.4
₹100-500 cr63,96354,782,631771.8
Above ₹500 cr16,194129,432,3876,882.7
All filers11,330,245439,132,94234.6

Source: GSTN, 9 Years of GST (FY 2025-26)

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 from ₹21,317 crore in April 2025 to a peak of ₹40,784 crore in March 2026 (financial year-end). It then settled into a ₹30,000–₹36,000 crore monthly band through August 2026. FY2025-26 totalled ₹3.47 lakh crore; April–August of FY2026-27 is already at ₹1.70 lakh crore.

Source: RBI TReDS Statistics, Apr 2025 to Aug 2026

TReDS Platform Comparison (August 2026)

Insight: RXIL leads on registered MSME sellers (1.14 lakh), while Mynd Solutions (M1xchange) leads on financing value (₹12,881 Cr in August 2026) and on corporate buyers (15,018 — nearly 4× RXIL's). Different platform strategies: Mynd is building corporate density, RXIL is onboarding MSMEs at scale.

Source: RBI TReDS Statistics, August 2026

TReDS — Key Stats (August 2026)

2.96 L
MSME sellers registered across all platforms
₹34,969 Cr
Financed in August 2026
~95%
Invoices uploaded that get financed
Insight: Capital availability isn't the bottleneck — around 95% of invoices uploaded get financed. The gap is on usage: sellers grew 54% in eight months (Jan–Aug 2026), but monthly value grew only 8%. Volume per registered seller fell from ₹16.9 lakh/month to ₹11.8 lakh/month — more MSMEs are onboarded than are actively uploading invoices.

Source: RBI TReDS Statistics, August 2026

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