New delhi, Sept. 5 -- The dawn of a twin-rate goods and services tax system (GST), along with easier registration, compliance and refunds, is expected to make a wide range of raw materials cheaper, providing a major stimulus for India's sprawling micro, small and medium enterprises (MSME) sector. The GST Council approved a series of key decisions on Wednesday, in the biggest overhaul of the indirect tax system since its inception seven years ago. Finance ministry officials said the reforms are likely to benefit the country's 66 million MSMEs with lower input costs and expedited registrations and refunds, potentially boosting these firms' export competitiveness. The development assumes significance as India's MSMEs contribute to about 30% of the country's total economic output and about 45% of exports. The two-rate structure, with two slabs at 5% and 18% with a few goods in the 40% slab, brings down the tax rate for many raw materials used by MSMEs in sectors such as household items, food, agriculture and healthcare from 12% to 5%. Along with this, lower GST on some finished products is likely to boost demand....