Everyone is jockeying for vantage position very early in the electoral race
On Saturday, the goods and services tax (GST) Council delivered a give away for the Indian consumer; more will follow next month. Unmindful of the annual hit to the exchequer of ₹ 5,500 crore—which is struggling with GST revenues well below projected levels—the Council went ahead and reduced tax rates on 22 items, of which seven were from the highest slab of 28%. Undoubtedly, it is a partial relief for the middle class, especially the neo-middle class, which has only just begun to realise its consumption aspirations.
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