Balagopal on Monday said that states, including Kerala, had fully participated in the GST Council’s recent decision to restructure tax slabs, but warned that the reforms could lead to significant revenue loss for states. The new GST regime, effective from Monday, introduces just two tax slabs -- 5 per cent and 18 per cent. He further noted that Kerala could lose anywhere between Rs 50,000 crore and Rs two lakh crore annually. States do not have alternate revenue sources, and about 41 per cent of their total income comes from GST. The government has also announced that strict monitoring will continue to ensure that consumers actually benefit from reduced GST rates in the market.