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1h ago

GST Collections Hold at ₹1.96 Lakh Crore in October as Rate Cuts Take Effect

Heavy refund outflows under the GST 2.0 regime tempered net receipts, with festive buying buoying gross revenue.

Not only does one have to wait for the data to be released in December, but one also has to see the trend for the rest of the fiscal year to ascertain whether some of the demand has just been advanced in the immediate aftermath of the rate cuts
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Overview

  • Official data show gross GST at ₹1.95–1.96 lakh crore, up 4.6% year-on-year, the slowest growth since June 2021.
  • Net receipts were ₹1.69 lakh crore after refunds, up about 0.6% as payouts jumped 39.6% to ₹26,934 crore.
  • Domestic GST rose 2% while import-linked revenue grew 12.84%, and cess collections fell to ₹7,812 crore after levies were removed on many items.
  • Collections for April–October totaled ₹13.89 lakh crore, up 9% from a year earlier, marking a tenth straight month above ₹1.8 lakh crore.
  • SBI Research projects FY26 GST to exceed budget estimates with many states likely net gainers, as states such as Andhra Pradesh and Punjab reported strong October figures.