GST reforms: SBI sees Rs 1.98 lakh crore consumption boost; warns of Rs 85k crore annual revenue hit

SBI Research indicates that a proposed two-tier GST structure, featuring lower rates on household goods, could increase consumption by Rs 1.98 lakh crore. However, this revamp is projected to cause an annual revenue loss of Rs 85,000 crore. The shift aims to boost GDP and moderate inflation, with a panel set to examine the proposal.