Kolkata: Contrary to the thought of some analysts that GST collections could go down slightly in the first few months following the rejig of the indirect tax in early September, SBI Research, the think tank of the State Bank of India, has said that gross domestic GST collections, along with IGST and cess on import, could sail past the Rs 2 lakh crore mark in November.

“Our analysis indicates that gross domestic GST collections may come around Rs 1:49 lakh crore for Nov 25 (returns of Oct 25 but filed in Nov 25), a YoY growth of 68% Coupled with Rs 51,000 crore of IGST and cess on Import, the November GST collections thus could cross Rs 2.0 lakh crore, driven by the peak festive season demand led by lower GST rate and Increased compliance while most of states experience positive gains,” mentioned a report of SBI Research.

“During the last month festive season (Sep-Oct 2025), consumption has got a big boost with GST rationalization, first indicatión coming from analysis of Credit and Debit card spending patterns across the latitude…. In credit cards, merchant categories like Auto, Grocery stores, Electronics, Furnishing and Travel indicated a huge growth in e-commerce channel where -38% spends were on Utility & Services, followed by 17% on Supermarkets and Grocery and Travel Agents held ~9% share…,” SBI Research said.

State-Wise GST Collections: Actual vs Estimated

SBI Research has also mentioned the statewise GST collections in October and its estimates of November collection.

Jammu and Kashmir——–551 (Oct 25)——–584 (Nov 25)

Himachal Pradesh———–722 (Oct 25)—————697 (Nov 25)

Punjab———–2,311 (Oct 25)———–2637 (Nov 25)

Uttarakhand———-1,604 (Oct 25)————1751 (Nov 25)

Haryana———-10,057 (Oct 25)————11479 (Nov 25)

Delhi———-8,538 (Oct 25)———–9120 (Nov 25)

Rajasthan———-4,330 (Oct 25)————–4883 (Nov 25)

Uttar Pradesh————9,806 (Oct 25)———–10412 (Nov 25)

Bihar————1,652 (Oct 25)———-1685 (Nov 25)

Assam————1,440 (Oct 25)———–1316 (Nov 25)

West Bengal————–5,556 (Oct 25)———–4705 (Nov 25)

Jharkhand————-2,518 (Oct 25)——–2654 (Nov 25)

Odisha—————-4,824 (Oct 25)————-4894 (Nov 25)

Chhattisgarh———-2,598 (Oct 25)———–2471 (Nov 25)

Madhya Pradesh———–3,449 (Oct 25)———-3672 (Nov 25)

Gujarat————12,113 (Oct 25)———12348 (Nov 25)

Maharashtra———-32,025 (Oct 25)———-37248 (Nov 25)

Karnataka————14,395 (Oct 25)————–13367 (Nov 25)

Kerala————2833 (Oct 25)———–2641 (Nov 25)

Tamil Nadu———–11588 (Oct 25)———–10624 (Nov 25)

Telangana————5726 (Oct 25)———7583 (Nov 25)

Andhra Pradesh———3490 (Oct 25)————3082 (Nov 25)

NB: All figures in Rs crore