GST rate cuts credit negative for India, says Moody's
The recent GST rate cuts will pressure the government's fiscal consolidation effort and are 'credit negative' for India, rating agency Moody's Investor Service said on Monday. Moody's said the estimated revenue loss from the GST rate cuts is 0.04%-0.08% of GDP annually. The GST rates on consumer durable items, such as refrigerators, washing machines and small television sets, were lowered.