<h1>Finance minister says GST rate cuts, exemptions may cause Rs 48,000 crore revenue shortfall but growth to offset</h1> The finance minister said recent GST rate cuts, including a two-tier 5% and 18% structure plus a 40% slab and exemptions on many essentials and insurance premiums effective Sept 22, create an estimated static revenue shortfall of Rs 48,000 crore, but expects a consumption-led revenue buoyancy to largely offset it and maintain the fiscal deficit target of 4.4% of GDP. The minister signalled no deterioration in public finances, cited stronger Q1 GDP and the GST overhaul as growth supports, and indicated GDP forecasts for FY26 could be revised upward if consumption and activity remain robust.