The benefits are intended to devolve to all sides of the base of India’s pyramid. Compliance should become much easier for businesses. Farmers can hope for input costs to be reduced on vital items like fertilisers and seeds, which should create a vital surplus for millions of small Indians. That will enable them to join the class of ordinary consumers all around who can look forward to items of mass consumption getting cheaper.On both sides, hopefully, small will get more beautiful. On one side, small and medium-sized businesses, the muscles that keep the economic backbone straight and help the body stay bouncy. On the other, the non-premium, budget segment of goods that crores of Indians buy.The best-case scenario will see volumes offsetting revenue loss on account of lower taxes, which is the core doubt that states like Kerala may bring up at the GST Council deliberations. If that happens, it would be an echo of what happened in previous instances of global turbulence, like in 2008, when the buoyancy of our domestic market created a healthy shock absorber.
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