Recent GST rate cut credit negative: Moody s – Goods and Services Tax – GST – Dated:- 30-7-2018 – New Delhi, Jul 30 (PTI) Rating agency Moody's today said the recent GST rate cuts on 88 items will weigh on government's revenue collection and is credit negative' as it will put pressure on efforts of fiscal consolidation. The GST Council, chaired by Union Finance Minister, last week cut tax rates on white goods as well as various handicrafts items and paints. We estimate revenue loss from the most recent tax cuts to be about 0.04 per cent-0.08 per cent of GDP annually. Although the proportion of revenue loss is small, the vacillation in tax rates creates uncertainty around government revenue and comes amid persistent upside risks
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