GST rate cut on auto would lead to revenue loss of up to Rs 45,000 crore: Sushil Modi

The fitment committee of the Goods and Services Tax (GST) Council has rejected the proposal to cut GST rates on autos on the ground that it would lead to revenue loss of Rs 40,000-45,000 crore, deputy chief minister Sushil Kumar Modi, who is also a GST Council member, told Business Today. Modi said that none of the states would agree with the proposal of cutting GST rates in the auto sector. "The…