Indian states, having surrendered taxing powers for GST, now face fiscal vulnerability as compensation guarantees ended, and non-shareable cesses reduce their revenues. The text argues that expanding GST to include petroleum and alcohol without renewing the federal bargain would further erode state fiscal agency. It proposes a new compact with a state revenue-floor mechanism, a statutory ceiling on non-shareable levies, and reconsidered borrowing autonomy. The completion of GST’s tax map must await a renewed federal bargain to ensure states retain fiscal capacity and accountability, fostering balanced federalism.