GST Collections Stabilize in Dec 2025: Imports & Refunds Shape Revenue Mix

• December 2025 GST collections show stabilisation at ₹1,74,550 crore, a 6.07% year-on-year rise after adjusting for compensation cess.
• Import-related Integrated GST (IGST) surged by nearly 19.7% year-on-year, driving overall collection growth.
• Domestic GST revenues remained stable, indicating a shift from rate-led to volume-led growth despite subdued year-on-year figures.
• GST refunds spiked by 31% year-on-year to ₹28,980 crore, significantly impacting net collections due to policy changes like inverted duty refunds.
• State-level GST performance is uneven, with some states showing slowdowns while others like Odisha and the North East perform robustly.

Why It Matters: December GST data signals revenue stabilization post-rate cuts, driven by imports and influenced by rising refunds.