GST collections hold steady after 2025 rate reset, but growth uneven

Goods and Services Tax collections have remained stable following the 2025 rate reset, though the recovery has been patchy across sectors. Import-driven growth has outpaced domestic revenue gains, pointing to a shift in the tax base composition.

Refunds have emerged as a significant headwind, reducing net revenue collection even as gross GST intake has held up. The uneven recovery underscores divergent performance across states and industries in the post-reset period.