FY26 GST revenue to exceed budget targets! States will remain net gainers; here's what SBI report says

GST revenue for FY26 is projected to surpass budget targets, according to SBI Research, despite a significant rate restructuring. The new four-tier slab system, with a 40% rate for luxury goods, is expected to benefit most states, with Maharashtra and Karnataka anticipating substantial gains. Historical data suggests revenue will stabilize and then accelerate post-rationalization.

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