State revenues set to top pre-pandemic heights this year

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Revenues of India’s top 10 states, which plunged 600 basis points (bps) last fiscal, are set to exceed the pre-pandemic or fiscal 2020 – levels by 600 bps this fiscal. The recovery would be driven by higher tax buoyancy, rise in sales tax collections from petroleum products (such as petrol and diesel) coupled with increase in grants as per the recommendations of the Fifteenth Finance Commission.

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