The strong momentum of goods and services tax (GST) collections in October belies not only the near-absurd fears of massive revenue losses post-rate rationalisation, but it also refutes the apprehension expressed by states about a perceived decline in GST revenue post-rationalisation, SBI Research said in a report.

While short-term annual GST losses from rate rationalisation varied from Rs 48,000 crore (Finance Ministry) to Rs 10 lakh crore (Surjit Bhalla & Rajesh Shukla), October 2025 GST collections (September transaction) rose 4.6% YoY to Rs 1.96 lakh crore.

Domestic revenue grew 2%, while import revenue increased 12.8%.

Refunds for October reached Rs 26,934 crore (+39.6% on year), pushing net collections to Rs 1.69 lakh crore, up 0.6% on year. State-level apprehensions proved

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