Centre Plans Shift of Goods from 12% to 5% GST Slab, Revenue Loss Pegged at Rs 80,000 Crore

The Centre is planning to shift goods from the 12% to the 5% GST slab, with a projected revenue loss of ₹80,000 crore. This move, part of a broader GST restructuring, is aimed at simplifying the tax structure and reducing the tax burden on essential goods. While the revenue loss is a concern, the government believes that the move will boost consumption and stimulate economic growth. The proposal, if implemented, will have a profound impact on various sectors and is expected to be a key reform in the GST framework.