The Goods and Services Tax (GST) introduced in India in July 2017 represented a major transformation of the indirect tax system. After eight years of implementation, the GST framework underwent a significant restructuring in September 2025, widely referred to as GST 2.0. The reform introduced a simplified rate structure - 5% merit rate and an 18% standard rate, along with a special 40% de-merit rate for selected goods and services. The present study analyses GST revenue trends during the early GST 2.0 period and comparatively examines the revenue performance of India and Rajasthan. The study covers the period from October 2025 to June 2026 and uses comparative and descriptive analysis of GST revenue collections and year-on-year growth. The findings reveal a marked divergence between the national and state-level revenue trends. At the national level, GST revenue increased from Rs. 1704307 crore during October 2024–June 2025 to Rs. 1741706 crore during October 2025–June 2026, representing an overall growth of 2.19% and an absolute increase of Rs, 37399 crore. In contrast, Rajasthan’s GST revenue declined from Rs. 43572 crore to Rs. 39790 crore, reflecting a negative growth of 8.68% and an absolute decline of Rs. 3782 crore. While India recorded positive growth during March–June 2026, Rajasthan continued to register negative year-on-year growth throughout the study period. The findings indicate that the early revenue impact of GST 2.0 has not been uniform across nation. The study contributes to the emerging understanding of GST 2.0 by providing an early comparative assessment of revenue performance at the national and state level.