States’ GST kitty expected to rise 13%-14% this year: CRISIL
Revenues of India’s top 18 States are likely to grow by 8%-10% this fiscal year to about Rs.38 lakh crore, accelerating from a 7.5% uptick in 2023-24, largely aided by a rise in collections from the Goods and Services Tax (GST), rating agency CRISIL said on July 2.
These States, which include Maharashtra, Gujarat, Tamil Nadu, Kerala, Uttar Pradesh, Telangana, West Bengal and Rajasthan, account for more than 90% of India’s Gross State Domestic Product or GSDP. GST Collections and tax devolutions from the Centre constitute about 50% of aggregate State revenues.
