UP, Gujarat, Jharkhand, 10 more states record revenue surplus in FY25: CAG report

Uttar Pradesh, Gujarat, Jharkhand, Manipur and nine other states recorded surplus revenue in 2024–25, while the remaining 15 states were in deficit.

According to the State Finance Report 2024-25 released on Tuesday (June 16, 2026) by Comptroller and Auditor General of India K Sanjay Murthy, eighteen states have targeted a revenue surplus in the 2024-25 fiscal year, three states a revenue deficit target and seven a zero revenue deficit.

“In the fiscal year 2024-25, 15 states had a revenue deficit while the remaining 13 states had a revenue surplus,” the report said.

Of the 18 states that targeted a revenue surplus, nine achieved it, while Assam, Bihar, Chhattisgarh, Haryana, Himachal Pradesh, Karnataka, Maharashtra, Mizoram and Telangana ended up with a revenue deficit in 2024–25.

Seven states – Goa, Jharkhand, Punjab, Rajasthan, Tamil Nadu, Tripura and Uttar Pradesh – targeted zero revenue deficit.

Among them, four states – Goa, Jharkhand, Tripura and Uttar Pradesh – posted a revenue surplus, while Punjab, Rajasthan and Tamil Nadu ended the year with a revenue deficit.

Of the 15 revenue-deficit states in 2024-25, Himachal Pradesh, Mizoram, Punjab and West Bengal have received revenue deficit grants from the Finance Commission.

The report further states that if the indicative fiscal deficit target of three percent of GSDP set by the Fifteenth Finance Commission for 2024-25 is taken into account for the fiscal consolidation path of states, then 18 states are above this target.

The total revenue shortfall of the 15 revenue deficit states without the net revenue surplus of the 13 states was ₹3,46,385 crore, which was 1.5% of their combined GDP. The net revenue deficit after adjusting for revenue surplus in the 13 states was ₹2,19,041 crore, 0.68% of the combined GDP of all 28 states.

“I hope that the Public Finances 2024-2025 publication will serve as a useful evidence-based resource for governments, researchers, policymakers and citizens, enabling a deeper understanding of public finances and supporting informed fiscal decision-making,” said CAG Murthy.

The publication highlights the growing importance of states’ own tax revenue, which accounted for 50% of the combined total revenue of ₹40.52 crore across all 28 states in 2024-25.

The national GST tax accounted for more than 43% of the United States’ own tax revenue.

States that witnessed a substantial increase in fiscal deficit in 2024–25 compared to 2023–24 were Andhra Pradesh, Assam, Gujarat, Jharkhand, Karnataka, Kerala, Madhya Pradesh, Maharashtra, Meghalaya, Mizoram, Nagaland, Odisha, Tripura and Uttarakhand.

Published – 16 Jun 2026 23:35 IST