GST, stamp duty drive state revenues: Own tax collections rise 14% in first four months of FY27

States’ own-tax revenue rose 13.7% year-on-year to ₹7.93 lakh crore during April-July FY27, led by strong GST, stamp duty, sales tax and excise collections. According to Axis Bank Research, the increase in state revenues has helped keep finances in check despite a decline in central tax devolution and grants.