GST rate cuts may lower tax revenue by ₹15,000 crore a year

The government's move to slash GST rates on over 50 goods will lower revenue by as much as ₹15,000 crore each year, according to reports. The GST Council on Saturday cut tax rates on several items including sanitary napkins, washing machines, refrigerators and lithium-ion batteries. Interim Finance Minister Piyush Goyal had said that the revenue loss will be minimal.