New Delhi, Sept. 4 -- A day after Union Finance Ministry approved 56th GST Council's suggestion to adopt the two-tier structure, Revenue Secretary Arvind Shrivastava said that the based on the consumption base of 2023-24, the net revenue implication is expected to be around Rs.48,000 crore.

Addressing a press conference in the national capital on September 4, Shrivastava said, as quoted by IANS, "...The net revenue implication is expected to be around Rs.48,000 crore, based on the consumption base of 2023-24, as that is the year for which we had segregated data. To better appreciate this exercise, it is important to understand that focusing narrowly on a single number may not reflect the full picture. Typically, a rate rationalization ex...