Converging GST rates: Now’s not the time

Multiplicity of tax rates — 0%, 0.25% for semi-precious stones/diamonds, 3% for gold/silver, and 5%, 12%, 18% and 28% for a range of other goods and services — has dogged GST since its inception. Political reality dictated the need for so many rates. Revenue neutrality was lost very early on. As the 15th Finance Commission pointed out, the effective weighted average GST rate at the time of incepti…