<h1>Ratings firm says GST move to two slabs (5% and 18%) may cause Rs 48,000 crore short-term revenue loss</h1> A ratings firm said the government's GST rate rationalisation to a two-slab structure of 5% and 18%, effective Sept 22, is likely to cause an annualised short-term revenue loss estimated at Rs 48,000 crore but not pose a significant fiscal burden given prior-year collections of Rs 10.6 lakh crore. The firm noted most revenue previously came from the 18% slab, with limited revenue from 12% and 28% slabs, so cuts from 12% are unlikely to be material. Broadening the formal tax base and higher disposable incomes could boost medium-term buoyancy; producer pass-through will affect demand and collections.