Govt revenue will take Rs 1-trillion hit due to GST rate cuts: Jaitley

The government will forego revenue of close to Rs 1 trillion on all the items whose rates have revised to lower slabs under the goods and services tax (GST) regime, Finance Minister Arun Jaitley said on Friday. He also said the various income tax benefits given to the middle class during the Narendra Modi government's existing tenure will lead to revenue foregone of Rs 97,000 crore.

Jaitley gave these numbers in his latest blog, titled "How the Poor and the Middle Class Benefitted Most from the Modi Government Policies?"

"The GST is the single most important 'consumer friendly measure' in India.  Taxes