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October mop-up defies GST rationalisation fears; SBI report
Financial Express Ahmedabad
|November 03, 2025
THE STRONG MOMENTUM of goods and services tax (GST) collections in October belies not only the ‘near-absurd’ fears of massive revenue losses post-rate rationalisation, but it also refutes the apprehension expressed by states about a perceived decline in GST revenue post-rationalisation, SBI Research said in a report.
While short-term annual GST losses from rate rationalisation varied from ~48,000 crore (finance ministry) to %10 lakh crore (Surjit Bhalla & Rajesh Shukla), October 2025 GST collections (September transaction) rose 4.6% yo-y to 1.96 lakh crore.
Domestic revenue grew 2%, while import revenue increased 12.8%.
Refunds for October reached %26,934 crore (+39.6% on year), pushing net collections to 1.69 lakh crore, up 0.6% on year.
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