New Delhi, Dec. 25 -- The impact of GST 2.0 on consumer spending has proved to be short-lived, with card spends moderating after the festive season, even as new card issuance remained healthy, according to a report by Asit C. Mehta Investment Intermediates Limited (ACMIIL), a SEBI-registered stock broker.

The report said total card spends declined to Rs 1,887 billion in November 2025 from Rs 2,141 billion in October 2025.

This marked a sharp month-on-month (MoM) decline of 11.9 per cent, reflecting moderation in discretionary spending following the festive push. However, on a year-on-year (YoY) basis, total spending still rose by 11.5 per cent, indicating underlying resilience in consumer demand.

It stated "Impact of GST 2.0 Proves to ...