According to the report, given the growth and consumption boost, the minimal revenue loss is estimated at ₹3,700 crore and will have no impact on the fiscal deficit.

At the 56th meeting of GST Council held few days ago, the current four-tier structure has been replaced with a two-tier one, with a standard rate of 18% and five per cent, and de-merit rate of 40% on selected few goods and services.

The report said the GST rate rationalisation will largely have a positive impact on the banking sector owing to meaningful cost efficiencies.