GST rate cuts cheer consumers, spark Centre vs opposition-ruled states revenue war

In this episode of To The Point, the focus is on the major GST restructuring, a move that provides a bonanza for consumers through tax cuts on items like medicines and health insurance. However, this has exposed deep federal fault lines, with several opposition-ruled states raising alarms over massive revenue losses. Punjab's Finance Minister, Harpal Singh Cheema, highlighted a potential 20% shortfall for the state, adding to an existing revenue loss of approximately Rs 50,000 crore since GST implementation. While the central government frames it as a landmark reform for the common person, 11 state ministers have formally dissented, demanding a clear compensation mechanism. The central question explored is who will ultimately bear the financial burden of these widespread tax cuts – the Centre or the states. Watch as experts share their views on this and more on the show.