India's Goods and Services Tax (GST) growth for Fiscal Year 2025-26 (FY26) has declined to 5.57%, the lowest rate in five years, with gross revenues rising to ₹23.32 trillion from ₹22.09 trillion in FY25. This slowdown is attributed to a stark contrast between import and domestic revenue streams, as import revenues surged by 12.8% while domestic revenues grew only 3.27%. The Finance Ministry's decision to separate cess receipts from overall GST figures has further complicated the growth narrative. On a headline basis, gross collections increased by 8.3% to ₹22.27 trillion. However, net GST revenue saw a modest increase of 4% to ₹2.03 trillion, following a significant rise in refunds, which increased by 17.9% to ₹2.98 trillion. The Integrated Goods and Services Tax (IGST) from imports contributed significantly to this growth, with a 14.1% increase to ₹5.95 trillion. Despite some states like Haryana showing strong growth in post-settlement SGST, overall, 12 states experienced negative growth, indicating an uneven recovery across the country. Experts suggest that future GST policy changes should focus on addressing these disparities to enhance revenue collection.