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Data● Neutral for Indian equities
India’s GST revenue growth has lost momentum: What the post-2025 data shows
The brief
- GST collections remain robust in absolute terms, but revenue growth has slowed sharply from FY23 levels
- Slower tax growth may weigh on fiscal expectations and Indian rate-sensitive sectors
- 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