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Policy● Neutral for Indian equities
GST collections may look stronger than they are: What rate re-labelling is hiding
The brief
- GST rate changes since September 2025 simplified the tax structure
- Revenue reclassification may be masking weaker underlying revenue
- GST revenue rises to ₹2.03 lakh crore in September but share of domestic sources falls to all-time low
- GST state-wise collection September 2026: Assam jumps 88%, UP 18%; Tamil Nadu falls 5%
- September GST collections rise 14.7% to ₹2.04 lakh crore