Lucknow, Sept. 6 -- Uttar Pradesh minister for finance Suresh Khanna on Friday said simplification of the Goods and Services Tax (GST) structure into two main slabs of 5% and 18% - the biggest indirect tax overhaul since 2017 - may give an initial jolt but it would eventually benefit the state's economy.

"Yes, we may get an initial jolt. It will eventually lead to an increase in tax volumes and benefit the state's economy. Past experiences show that lowering the tax rate gives a boost to demand in the market and strengthens the economy," Khanna said while speaking to media persons at his office at Vidhan Bhavan here.

Stressing that the GST structure changes would not have any adverse impact on the state's budget, he said the objective o...