India, Dec. 2 -- As expected, after the previous month's intensity, gross GST collections are down to their lowest level in the past 12 months. The figures for November 2025, which reflect the collections for October, were down to Rs1,70,000 crore, the lowest since November 2024. The former are up by less than a percentage point on a year-on-year basis. Compared to the October 2025 figures, which indicate the numbers for September, the figures in November this year are down by a massive Rs 26,000 crore. Remember the dual impact due to cuts in tax rates, and lesser slabs, and the festive season, which included buying during Dussehra and Diwali. In late September, when the cuts were implemented, firms talked about huge demand. This may have...