The Goods and Services (GST) revenue for the Financial Year 2026 (FY26) will still be higher than budgeted collections, according to SBI Research.

The report projects that even after accounting for similar gains and losses across states following tax rationalisation measures, Goods and Services Tax (GST) receipts in FY26 are likely to surpass the government’s budget estimates.

“We project GST revenue for FY26 will still be higher than budgeted GST collections ,” the report said.

The projections are based on the growth rate assumptions released by the GST Council, SBI Research noted.

The report added that most of the states experience positive gains for the entire fiscal post rationalisation.

States seen as ‘net gainers’ under new two-tier GST structure

The GST rate rationalisatio

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