By Pratik Jain, Partner Price Waterhouse & Co LLP
GST council has come up with the biggest and boldest rate cuts since introduction of GST. This will lead to significant buoyancy in demand by boosting consumption.
Since the rate cuts are applicable from September 22nd, it gives some time for industry to prepare for the changes, including mechanism to pass on the benefits to consumers. Timing of these changes couldn’t have been better, just ahead of the festive season. Diwali has come earlier for the common man.