Lower-than-budgeted tax collections and softer nominal GDP growth are squeezing India’s fiscal assumptions, raising the risk that the government may need to cut capital expenditure. The move would be aimed at protecting the 2025–26 fiscal deficit target, even as weaker revenues and growth make budget math harder to meet.
GST collection for October clocked in at about Rs 1.51 lakh crore, marking the second-highest monthly figure since the implementation of the Goods and Services Tax. The finance ministry had anticipated collections would finally surpass the Rs 1.5-lakh-crore threshold in October, and the results landed just above that mark.
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