Post September 2025- The system that was “GST” plus a wide ranging compensation Cess became one comprising a much bigger “GST” along with a smaller Additional Excise Duty.[2] Post reform “GST” figures are not comparable to pre-reform ones. [3] When the total GST system is considered, revenue growth declined sharply from 9.4% in FY 25 to 5.8% in FY 26 even though the cuts were operational only for about half the fiscal year. [4] Before coming to any conclusions– rise or fall – refunds– need to appropriately accounted for– Courtesy BS

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