Bengaluru, Sept. 5 -- Karnataka Minister KN Rajanna today welcomed the GST Council's decision to slash tax slabs but expressed concern over the resultant loss of revenue for states, calling on the Centre to ensure adequate compensation.
The GST Council has resolved to reduce the highest slab of 28 per cent to 18 per cent on several goods, while another category was brought down to 5 per cent. The move, aimed at providing relief to consumers and stimulating demand, has been largely seen as a pro-growth measure.
Rajanna, however, warned that while the decision would benefit industries and the public, it would simultaneously shrink the financial resources of states.
"On one side, we welcome the lowering of GST. On the other side, the revenu...