11 May, 2017
GST will subsume all the present indirect taxes; however, the tax universe for the new tax regime will be smaller than that of VAT and Service Tax combined. Due to the threshold being increased to 20 lakhs, as many as two-thirds of the current taxpayers registered under VAT and Service Tax will not need to register under GST.
This does not mean that the country is set to lose revenue, cause most of the revenue comes from the taxpayers who are in the above 1.5 crores annual threshold range.
As reported in Financial Express