New Delhi: Thirteen states, including Uttar Pradesh, Gujarat, Jharkhand and Manipur, recorded a revenue surplus in the 2024-25 financial year, while states such as Tamil Nadu and Punjab reported a revenue deficit, according to a report released by the Comptroller and Auditor General (CAG).
CAG K. Sanjay Murthy published the states’ fiscal position report for 2024-25. The report noted that while 18 states had targeted a revenue surplus, three had budgeted for a revenue deficit and seven aimed for a zero revenue deficit; the year-end outcome showed 13 states in surplus and 15 in deficit.
Among the states that posted a revenue surplus were Goa, Jharkhand, Tripura, Uttar Pradesh and Gujarat. The report also said 18 states recorded fiscal deficits higher than the 3% of Gross State Domestic Product (GSDP) benchmark set by the 15th Finance Commission.
Overall, the net revenue deficit of states was Rs 2.19 lakh crore. Of the total revenue receipts of Rs 40.52 lakh crore for 28 states, about 50% came from states’ own tax revenue, with State GST contributing more than 43% of that.
Total budget expenditure by states was Rs 51.20 lakh crore, with committed spending—such as salaries, pensions and interest payments—exceeding 43%. This share was highest in Nagaland at 74% and lowest in Maharashtra at 29%. As of March 31, 2025, states’ combined debt rose to Rs 90.51 lakh crore, and fiscal deficits increased notably over the previous year in states including Andhra Pradesh, Assam, Gujarat, Karnataka, Kerala, Madhya Pradesh, Maharashtra, Odisha and Uttarakhand.
