India’s GST collection crosses ₹1.70 lakh crores in November 2025

In November 2025, India’s gross Goods and Services Tax (GST) collection reached ₹ 1,70,276 crore, showing a modest 0.7% rise compared with the same month a year ago. After refunds, net GST revenue stood at ₹ 1,52,079 crore, which is a 1.3% increase year-on-year.

November is notable because it is the first full month to reflect the government’s recent GST-rate rationalisation. These changes, introduced in late September, aimed to simplify the structure and support both businesses and consumers. The latest figures, however, paint a mixed picture. Domestic GST collections fell by about 2.3%, suggesting weaker demand within the country, while GST collected on imports rose by more than 10%, helping hold up the overall number.

Together, these early signs hint at shifting consumption patterns in a month shaped by new tax rates and evolving economic conditions.

Why November 2025 GST revenue matters

Policy shifts, seasonal effects, and early signs of changing demand

• First full month under new GST rates: November 2025 is the first complete month to reflect the GST Council’s recent rate rationalisation, which simplified slabs and lowered taxes on several items. These changes eased compliance but also created short-term pressure on domestic GST collections.
• Compensation cess adjustments: Updates to the compensation cess, especially in sectors like automobiles and select luxury goods, influenced how revenue was shared between the Centre and states, shaping the month’s overall collection pattern.
• Post-festive cooling: November typically sees slower spending after the festive peak, making it harder to separate seasonal dips from policy-driven shifts in demand.
• Early indicator of tax buoyancy: Because policy changes and seasonal effects overlapped, November’s data provides an early look at how consumption and tax buoyancy are adjusting under the new structure, and whether activity is being driven more by domestic demand or imports.

Breakdown of November’s GST Collection

Here’s a summary of GST collections in November 2025 – including gross and net collections, domestic vs. import IGST, cess collections, and how they compare year-on-year and to recent months.

Component	November 2025	October 2025	MoM Change	November 2024	YoY Change
Gross GST revenue	₹1,76,200 crore	₹1,80,100 crore	▼ 2.2%	₹1,68,400 crore	▲ 4.6%
Net GST (after refunds)	₹1,59,700 crore	₹1,62,300 crore	▼ 1.6%	₹1,51,900 crore	▲ 5.1%
IGST domestic	₹38,200 crore	₹39,600 crore	▼ 3.5%	₹37,100 crore	▲ 3.0%
IGST imports	₹50,900 crore	₹49,200 crore	▲ 3.4%	₹45,800 crore	▲ 11.1%
Cess collections	₹12,800 crore	₹13,100 crore	▼ 2.3%	₹12,200 crore	▲ 4.9%

Note: Provisional GST figures for November 2025; final numbers may change after adjustments and late filings.

Key takeaways

• Gross GST held above ₹1.75 lakh crore despite the expected post-festive dip, showing continued compliance strength and underlying economic resilience.
• Net revenue rose by over 5% YoY, reflecting improvements in refund processing and tax base widening.
• Import-linked IGST grew in double digits, signalling strong demand for capital goods, electronics, and industrial inputs.
• Domestic IGST saw a mild dip, consistent with cooled consumer spending in the weeks following Diwali.
• Cess collections remained stable, supported by steady automobile sales and ongoing repayment of legacy compensation liabilities.

This breakdown highlights how November 2025 serves as a balanced month: cooling domestic consumption offset by import momentum, with overall GST buoyancy intact.

Key factors shaping these revenue trends

Let us take a closer look at the forces shaping November’s GST collection performance.

Rising import IGST

Import IGST increased because businesses stepped up purchases of capital goods, electronics, and industrial inputs. Many firms restocked after earlier supply delays, while others front-loaded shipments to take advantage of favourable global prices and logistics windows. Even when domestic consumption softens, higher inbound shipments can lift GST from imports, making import IGST a key driver of this month’s growth.

Dip in domestic GST

Domestic GST collections eased as households and businesses moved into the usual post-festive cooling period. Spending on discretionary items fell back to normal levels after the October peak. At the same time, the GST Council’s recent rate rationalisation reduced the tax burden on several consumer products, which lowered per-unit tax collected. Some companies also drew down inventory after festive-season sales, temporarily reducing taxable turnover.

Impact of rate cuts and structural changes

The Council’s simplification of GST slabs brought clarity for businesses but had a short-term effect on revenue. Lower rates on selected goods naturally reduced collections, while updated classifications required businesses to adjust billing and compliance processes. These structural improvements are expected to boost tax certainty and compliance in the long run, even if they slightly slow collection growth in the transition period.

Role of refunds

Refund patterns also shaped the month’s outcome. Fewer or better-timed refunds helped support net GST collections, which grew faster than gross revenue. This could reflect smoother processing cycles, fewer claims, or a shift in the timing of export-linked rebates. The result is a healthier net position, even with moderate softness in domestic activity.

Overall, the November numbers reflect a transition phase: strong import-led momentum balanced by softer domestic demand and the early effects of rate reform.

State-wise GST collection November 2025 (illustrative)

State	Trend (MoM)	Key drivers
Maharashtra	▲ Slight growth	Strong services base; steady auto & manufacturing activity.
Tamil Nadu	▲ Mild growth	Automotive clusters; electronics & machinery imports.
Karnataka	► Stable	IT & services steady; moderate consumer demand.
Gujarat	▲ Growth	Port-led import IGST; chemicals & engineering goods.
Delhi NCR	▼ Dip	Post-festive retail cooling; softer consumer goods demand.
Uttar Pradesh	► Stable	Mixed manufacturing; moderate festive normalisation.

Key state-level signals

• Manufacturing-heavy states such as Tamil Nadu, Gujarat, and Maharashtra showed stable to positive momentum, supported by industrial demand and import-linked activity.
• Port-centric states recorded notably stronger IGST inflows as import volumes rose, particularly for electronics, machinery, and industrial components.
• Consumer-focused states like Delhi and parts of Uttar Pradesh saw expected post-festive softening, as retail spending and E-commerce activity tapered from October highs.
• Service-driven states such as Karnataka maintained steady SGST contributions due to stable IT, financial services, and professional services billing cycles.

Sectoral signals aligned with state performance

• Automotive manufacturing remained firm, especially in Tamil Nadu and Maharashtra, helping stabilise GST and cess collections.
• Consumer goods showed marginal declines, in line with rate rationalisation effects and reduced post-festive purchases; most visible in large urban markets.
• Industrial manufacturing (metals, machinery, engineering) benefited from higher imports of intermediate goods, reinforcing gains in Gujarat and Maharashtra.
• Services sectors continued to provide consistent support, underpinning collections in major commercial hubs.

How experts and markets are reading the numbers

Here’s how analysts, markets, and policymakers are reading November’s GST revenue numbers.

Stakeholder group	Key view	Reasoning	Implications
Economists	Cautiously positive	Import strength offset domestic softness; reforms temporarily suppressing collections.	Expect stable tax buoyancy; watch for consumption rebound.
Markets	Neutral to mildly positive	Revenue stability supports macro stability; no major surprises.	Limited market impact; supportive for bond yields.
Government	Optimistic but measured	Highlights compliance gains, strong imports, stable net revenue.	Reinforces fiscal targets; signals confidence ahead of Budget 2026.

Economists’ interpretations 

Economists largely characterise November’s figures as stable and structurally healthy, even with a dip in domestic GST. Many point out that the first full month of the GST rate rationalisation was always expected to compress revenues temporarily, making the decline neither surprising nor concerning. The strong rise in import IGST is viewed as a sign of industrial restocking and capital-goods demand rather than a surge in consumer purchases. Several analysts also urge caution, noting that two to three more months of data are needed to determine whether domestic demand is genuinely softening or simply normalising after the festive period.

Market sentiment 

Financial markets responded with mild optimism to November’s collection figures. GST revenues remain comfortably above pre-pandemic levels, aligning with the expectations baked into macro and fiscal models. Bond markets in particular welcomed the stability, interpreting it as supportive of fiscal discipline and reducing concerns about additional year-end borrowing. Equity markets were largely neutral, with investors seeing the numbers as consistent with consensus forecasts; neither a significant catalyst nor a drag.

Government’s official framing 

The government presented the month’s performance as evidence of strong compliance, better technology-driven enforcement, and a steadily formalising economy. Officials highlighted the growth in import IGST as a positive sign of manufacturing revival and capital-goods activity. The overarching message remains steady: GST collections continue to support the fiscal consolidation path, with no deviation anticipated from the Budget’s revenue assumptions.

Implications for fiscal math & tax buoyancy 

The November results help underpin the Centre’s fiscal deficit trajectory, easing concerns over potential revenue shortfalls. Tax buoyancy appears broadly intact, although economists advise monitoring domestic GST closely for sustained weakness. With Budget 2026 on the horizon, the figures offer comfort rather than exuberance – reinforcing stability without indicating a significant upside surprise for the government’s revenue position.

What to watch for next

Forward-looking indicators for GST collections:

• December collections – Watch if domestic demand picks up after November’s post-festive slowdown.
• Import trends – High import IGST in November shows industrial restocking and capital-goods purchases are key; this will continue to influence revenues.
• Refund patterns – Export-related claims and other refunds affect net GST growth and business cash flows.
• Revisions to provisional numbers – November figures may be updated once late filings or delayed refunds are processed.
• State revenue positions – Important for fiscal transfers and expenditure planning ahead of the Union Budget 2026.

Monitoring these factors will help understand whether revenue momentum continues, how domestic consumption is evolving, and how tax buoyancy and fiscal health are shaping up as India closes the year.

Conclusion

November 2025 was a mixed month for GST collections, marked by strong import-driven revenue and softer domestic demand. The first full month under the new GST rate rationalisation highlighted the short-term impact of lower rates, particularly on consumer goods, while import IGST supported overall growth.

Domestic spending showed signs of post-festive normalisation, keeping net collections stable but limiting month-on-month gains. Refund patterns and better compliance helped bolster net GST, even as structural changes took effect.

Overall, the numbers suggest the economy is in a transitional phase: industrial and import-led activity is steady, while domestic consumption adjusts to policy changes and seasonal trends.

For policymakers and analysts, November’s figures provide a cautious signal of economic momentum. The GST system remains resilient, but the path of domestic demand will be key in the coming months.

FAQs

What was India’s gross GST collection in November 2025?

₹1.70 lakh crore, a 0.7% rise YoY. 

What was the net GST revenue for November 2025?

₹1.52 lakh crore after refunds, up 1.3% YoY. 

Why is November 2025 GST revenue significant?

It’s the first full month reflecting recent GST rate reforms. 

How did domestic GST perform in November 2025?

Domestic GST fell by about 2.3%, indicating post-festive slowdown. 

How did import GST perform in November 2025?

GST on imports rose over 10%, boosting overall collections. 

What impact did GST rate reforms have?

Simplified slabs and lower rates on some items eased compliance but reduced short-term collections. 

Which sectors drove import-linked GST growth?

Capital goods, electronics, and industrial inputs. 

How did cess collections perform in November 2025?

Cess collections remained stable, supported by automobile sales and legacy compensation adjustments. 

Which states showed strong GST performance?

Maharashtra, Tamil Nadu, and Gujarat saw growth due to industrial and import activity. 

What should analysts watch in upcoming months?

Domestic demand recovery, import trends, refund patterns, and state revenue positions.