Overview
- Official data show gross GST collections at about ₹1.95–1.96 lakh crore in October, which largely captures September transactions.
- Net revenue stood near ₹1.69 lakh crore as refunds jumped 39.6% year-on-year to ₹26,934 crore, limiting year-on-year net growth.
- Domestic GST rose about 2% to ₹1.45 lakh crore, import-related GST increased 12.84% to ₹50,884 crore, and cess receipts fell to roughly ₹7,812 crore after rationalisation.
- GST 2.0 took effect on September 22 with a shift to mainly 5% and 18% slabs plus a 40% demerit rate and the removal of cess on many items, following consumer purchase deferrals ahead of the cuts.
- SBI Research projects FY26 GST receipts may exceed the budget estimate, while several analysts flag that elevated refunds and timing effects could pressure revenues in later months, making November data a key watch.