India, Sept. 22 -- A few days ago, the Government released a notification that detailed out the new tax rates for different products and services under GST 2.0. There was a slew of good news. In the case of many products, the rates were down. The sin rate of 40 per cent, the highest slab, was restricted to a few items. According to a trade expert, the exercise represents the largest GST rationalisation since 2017. It lowers the tax on essentials, simplifies the structure, and results in institutional reforms. It focuses on "relief for the common man, support for farmers and MSMEs, and boost for healthcare," while ensuring "revenue stability via cess and coal-rate hike."

As usual, there are a few sticking points and irritants. In several ...