Mumbai
States are likely to gain an additional Rs 37,426 crore in revenue in the current fiscal on the back of surge in oil prices and better tax collection due to the GST, says a report.

According to SBI Research, the impact of GST on tax revenue is minimal except in a few states.

As many as 16 of the 24 states have seen their revenue increasing over and above the 14% baseline/mutually accepted minimum tax growth rate between the Centre and the states post-GST rollout below which the states have to be compensated.

“We have found that on an aggregate lever, the states have gained by Rs 18,698 crore in additional revenue in FY18.

If we combine this figure with the gains that the states have made due to increase in crude prices, the overall figure will be Rs 37,426 crore,” the report said.