In a mixed set of revenue indicators, India’s Goods and Services Tax (GST) collections for November 2025 recorded a marginal increase of 0.7%, with the Centre reporting ₹1,70,276 crore in total gross collections, compared to ₹1,69,016 crore in the same month last year. The figures are based on provisional data released for monthly GST revenue performance. 

While the overall collections showed a slight upward movement, the month witnessed a decline in domestic GST revenues, offset by a double-digit rise in GST collected on imports.

Domestic GST Revenue Registers 2.3% Contraction

According to the data, gross domestic GST revenue (CGST, SGST, IGST on domestic supplies) fell from ₹1,27,281 crore in Nov 2024 to ₹1,24,300 crore in Nov 2025, marking a 2.3% decline.

• CGST domestic: ₹34,843 crore
• SGST domestic: ₹42,522 crore
• Domestic IGST: ₹46,934 crore
  

The contraction suggests continued stress in domestic consumption during the current fiscal, with several major manufacturing and consumption-heavy states showing negative growth.

Import Revenues Surge 10.2%, Cushioning Overall GST Performance

Contrary to the domestic trend, GST collected on imports rose sharply by 10.2%, increasing from ₹41,736 crore in Nov 2024 to ₹45,976 crore in Nov 2025. IGST collected on imports climbed to ₹45,976 crore, boosting the aggregate gross GST revenue. 

The growth in import-related GST indicates stronger external trade activity and higher import volumes in sectors such as electronics, machinery, and capital goods.

Year-to-Date Collections Paint a More Robust Picture

For the fiscal year April–November 2025, gross GST revenue stood at ₹14,75,488 crore, an 8.9% growth over the same period last year (₹13,55,242 crore).
The increase demonstrates a relatively stable revenue environment over the broader fiscal window despite monthly fluctuations. 

Refund Outflows Decline 4% in November

Total GST refunds in November 2025 amounted to ₹18,196 crore, compared to ₹18,954 crore last year — a 4% reduction, contributing positively to net revenue.

Breakdown of refunds:

• Domestic refunds: ₹8,741 crore
• Export refunds (IGST + Cess): ₹9,464 crore 

The moderation in refunds helped push net GST revenue up marginally.

Net GST Revenue Rises to ₹1.52 Lakh Crore — Up 1.3%

After adjusting for refunds, the net GST revenue for November stood at ₹1,52,079 crore, up from ₹1,50,062 crore in November 2024 — a 1.3% rise.

• Net domestic revenue: down 1.5% (₹1,15,558 crore)
• Net import/export revenue: up 11.6% (₹36,521 crore)
  GST collection during Nov 2025_…

This again underscores that the month’s growth was predominantly import-driven.

Cess Revenue Declines Sharply by 69%

A noteworthy development was the steep fall in compensation cess collections, with net cess revenue dropping from ₹12,950 crore to ₹4,006 crore — almost a 69% decline.
This is attributed to the phased discontinuation of the GST compensation cess as per statutory timelines, except for residual collections required to clear pending loan liabilities. 

State-Wise Trends: North-East Performs Strongly; Large States Mostly Flat or Negative

State-level data revealed contrasting growth patterns:

States with Positive Growth (Pre-settlement SGST):

• Kerala: +7%
• Karnataka: +5%
• Odisha: +5%
• Meghalaya: +10%
• Arunachal Pradesh: +33%
• Nagaland: +24%
• Assam: +3%
• Maharashtra: +3% (largest contributor nationally) 

States with Negative Growth:

Several major states recorded declines in SGST revenue:

• Gujarat: –7%
• Uttar Pradesh: –7%
• Tamil Nadu: –4%
• Rajasthan: –3%
• West Bengal: –3%
• Delhi: –1%
• Himachal Pradesh: –15%
• Uttarakhand: –15%
  GST collection during Nov 2025_…

The overall state revenue trend indicates broad-based softness in domestic consumption and taxable turnover.

Centre and States Collectively Show Moderate Growth in FY 2025–26

For the April–November 2025 period:

• CGST: ₹2,93,207 crore
• SGST: ₹3,62,948 crore
• IGST: ₹8,19,334 crore

Each component reflects moderate to healthy year-on-year expansion, particularly IGST which increased notably from the previous fiscal. 

Conclusion

The GST performance for November 2025 highlights a mixed fiscal landscape:

• Domestic consumption remains subdued, dragging down domestic GST revenues.
• Imports are buoyant, compensating for the slack and driving overall growth.
• Refund optimisation has mildly boosted net revenue.
• Year-to-date growth remains strong, keeping overall fiscal momentum stable.

With the economy entering the final quarter of FY 2025–26, trends in domestic consumption will be critical in determining whether GST collections can return to a stronger growth trajectory.

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