Speaking to reporters, Chandrima Bhattacharya, Health Minister, West Bengal said, “All the states are with the common people, but I raised in the meeting that if the states are going to lose the revenue, then that ultimately goes back to the common people so we want to know how we are going to be compensated. The GoM will now send its report to the GST Council with the notings of our concern we raised.”She further added, “We don’t know what is the revenue loss by this GST rate cut. They have not assessed yet. In the GST Council we will get to know.”Speaking on the revenue loss, Uttar Pradesh Finance and Parliamentary Affairs Minister Suresh Khanna said, “The presentation given at the Centre did not mention how much loss is being incurred, so we cannot say how much loss there will be from working like GST. But our point is that the common people should benefit from this.”In his Independence Day speech, Prime Minister Narendra Modi had announced restructuring aimed at rationalising the existing GST structure, which currently includes multiple tax slabs per cent, 12 per cent, 18 per cent, and 28 per cent.The move to eliminate the 12 per cent and 28 per cent brackets is being seen as part of a broader effort to simplify the indirect tax regime and reduce classification disputes.The final decision now rests with the GST Council, which will consider the recommendations and feedback from various states before implementing any changes.The Finance Minister on Wednesday addressed the Group of Ministers (GoMs) constituted by the GST Council on Compensation Cess, Health and Life Insurance (for individuals), and Rate Rationalisation at Vigyan Bhawan.
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