States' revenue growth to accelerate 9-11% as GST collections rise 16% in first five months: Crisil

Revenue growth for 18 major Indian states is projected to accelerate to 9–11% in fiscal 2027, taking combined revenues past ₹44 lakh crore, according to Crisil Ratings. This financial expansion is driven primarily by a 12–13% rise in GST collections—supported by robust consumption and import gains—alongside an 11–12% increase in tax devolution from the Centre. Stable growth in liquor, petroleum, and stamp duty taxes will further reinforce state balance sheets.