GST Drives Maharashtra Revenue as State Receipts Expected to Reach ₹5.6 Lakh Crore

Mumbai: The Economic Survey of Maharashtra 2025-26 indicates that Goods and Services Tax (GST) continues to remain the largest source of revenue for the state government, reflecting the strong role of consumption and services in the state economy.

According to the survey tabled in the Legislature, total revenue receipts of Maharashtra are expected to reach ₹5,60,964 crore in 2025-26, compared with ₹5,36,463 crore in the revised estimates for 2024-25.

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Tax revenue dominates state finances

Of the total projected revenue:

• Tax revenue: ₹4,77,400 crore
• Non-tax revenue: ₹33,052 crore

State tax revenue includes collections from:

• GST
• state excise
• stamp duty and registration
• motor vehicle taxes
• petroleum products.

Central grants cross ₹50,000 crore

The survey also states that Maharashtra expects to receive ₹50,511 crore as grants-in-aid from the Central Government.

These grants are provided for:

• centrally sponsored schemes
• Finance Commission transfers
• disaster management support.

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Revenue collection crosses two-thirds of annual target

Actual revenue receipts up to December 2025 stood at ₹3,71,575 crore, which represents 66.2 per cent of the annual budget estimate.

This indicates that the state has already collected two-thirds of its expected revenue within the first nine months of the financial year.

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Expenditure continues to rise

The Economic Survey shows that revenue expenditure of the state is expected to reach ₹6,06,855 crore in 2025-26, compared with ₹5,62,999 crore in the previous year.

Revenue expenditure includes spending on:

• salaries
• pensions
• welfare schemes
• subsidies
• administrative costs.

Actual revenue expenditure up to December 2025 was ₹3,64,412 crore, accounting for about 60 per cent of the annual estimate.

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Fiscal deficit within FRBM limits

The survey states that Maharashtra continues to maintain fiscal discipline under the Fiscal Responsibility and Budget Management (FRBM) framework.

For 2025-26, the fiscal deficit is estimated at 2.7 per cent of Gross State Domestic Product (GSDP), remaining within the legally permitted limit of 3 per cent.

The revenue deficit is projected at 0.9 per cent of GSDP, while the state’s debt stock stands at about 18.3 per cent of GSDP.

The Economic Survey provides the financial backdrop for the Maharashtra Budget for 2026-27, which will be presented in the State Legislature on March 6.