GST Revenues Rise as Consumption Demand Holds Despite Festive Tax Adjustments

India’s macro environment continues to signal resilience as consumption, manufacturing activity and digital payment volumes show sustained strength despite recent indirect tax tweaks aimed at improving affordability for festive categories. GST revenue collections rose 4.6% year-on-year in October to ₹1.96 lakh crore, indicating steady demand momentum even as the rupee hovered near record lows against the U.S. dollar due to global volatility, elevated dollar demand and risk recalibration. Faster import clearance processes were also introduced to ease inventory stress, reduce festive season shortages and improve supply chain turnaround cycles nationwide.