Key numbers and year-to-date trends
On an annual basis (Oct 2024 → Oct 2025) gross GST for the year rose to ₹10,40,055 crore from ₹9,65,138 crore a growth of 7.8%. Gross domestic GST revenue edged up 2.0% to ₹1,45,052 crore in October 2025 from ₹1,42,251 crore a year earlier. Import GST was a standout: gross import revenue rose by 12.9% year-on-year.
The Total Gross GST Revenue breakdown for October 2025: CGST ₹36,547 crore; SGST ₹45,134 crore; IGST ₹1,06,443 crore; Cess ₹7,812 crore, underscoring balanced contributions from domestic consumption and cross-border trade.
Refunds and net receipts
GST refunds showed a marked increase in October 2025. Total refunds rose by 39.6% month-on-month, with domestic refunds up 26.5% and import refunds jumping 55.3%. Despite higher refunds, Total Net GST revenue for October 2025 stood at ₹1,69,002 crore, up 0.6% from the preceding month and 7.1% year-on-year.
Drivers: festive demand, rate rationalisation and trade
Analysts attribute October’s buoyancy to sustained festive-season consumption and the initial effects of GST rate rationalisation implemented in late September 2025. The higher import GST suggests stronger trade flows and commodity movements, which helped raise overall receipts even as refunds climbed.
State and industry composition remained similar to longer-term patterns: Maharashtra, Karnataka, Gujarat, Tamil Nadu and Haryana together continued to contribute over 40% of total GST collections highlighting the importance of industrial and services hubs in tax buoyancy.
State performance and fiscal settlements
State-level data shows mixed growth several smaller states recorded double-digit percentage gains while some hill and northeastern states experienced volatility due to base effects and local economic patterns. Post-settlement SGST transfers to states through October stood higher overall, with cumulative pre-settlement SGST at ₹3,20,425 crore (up 9% year-on-year) and post-settlement transfers rising to ₹5,91,353 crore for the year-to-date.
What this means for the fiscal outlook
The October numbers reinforce a narrative of steady recovery: robust consumption demand, healthy corporate activity and expanding GST compliance continue to support revenues. Higher import GST also signals firmer external demand and trade-linked activity. Taken together, these indicators point toward stable central and state finances as the government and policy-makers navigate the remainder of FY 2025–26.
