August surplus clinched GST rate cut, talks on for shift to two-rate regime

The Centre and the states have been debating changes in goods and services tax (GST) rates, especially in the top bracket, but it was a surplus earned during August that appears to have finally given both the confidence to move ahead and slash rates on over 175 products in the top slab. Sources told TOI that the states were staring at a shortfall of Rs 17,000 crore in July. By August, however, the…