In September 2025, the Comptroller and Auditor General ( CAG ) of India released its report titled “ State Finances – 2022-23: A Decadal Analysis, ” which noted that in Financial Year 2022-23 (FY23), 16 States recorded a revenue surplus, while 12 States reported a revenue deficit.

Revenue Highlights

Revenue Receipts: During FY23, the total revenue receipts of the 28 States was Rs. 35,13,095 crore (cr) which was 22.96% of their combined GSDP (Gross State Domestic Product) of Rs.2,59,57,705 cr .

The following is the composition of revenue receipts:

States’ Own Tax Revenue (SOTR) constituted 48% .

Union Taxes constituted 27% .

Central grants constituted 17% .

States’ Non-Tax Revenue (SNTR) constituted 7 .80 % .

Grants: The total Finance Commiss

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