GST revenues in FY26 to exceed estimates: SBI Research
SBI Research projected that GST revenues for FY26 will surpass budget estimates, even after accounting for tax rate rationalisation. The new two-tier GST structure-5% and 18%, with a 40% demerit rate-will leave most states as net gainers. Maharashtra and Karnataka could see gains of 6% and 10.7%, respectively, with strong revenue recovery expected.