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The Centre is bracing for a potential revenue shortfall of nearly Rs 40,000 crore as it prepares to roll out a major overhaul of the GST framework, Finance Ministry sources have confirmed. The Fitment Committee, a panel of GST secretariat officers, has worked out preliminary estimates of the revenu
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FAQ :
The Centre is bracing for a potential revenue shortfall of nearly Rs 40,000 crore due to the GST overhaul.
The new system aims to simplify GST by moving to a two-rate framework of 5% and 18%, eliminating the current 12% and 28% brackets. A 40% slab will be retained for sin goods.
The Centre is likely to forgo around Rs 20,000 crore annually from GST and TDS on online gaming platforms.
A key relief measure under discussion is the removal of GST on health and life insurance premiums for individual policyholders.
The 56th GST Council meeting is scheduled for September 3-4 in New Delhi.
Despite the immediate shortfall, the government expects increased consumer spending to offset the loss.
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