Economy VIEW: State govt fiscal deficits to balloon if GST compensation is funded through borrowings Updated : September 08, 2020 02:26 PM IST State Goods and Services Tax (SGST), the dominant component of the own tax revenues of most state governments, has been battered by the COVID-19 pandemic and the associated lockdown. Subscribe to Moneycontrol PRO at just Rs.33/- per month for the first year. Use code SUPERPRO. Limited period offer. Available on Web and Android.