In July 2017, the goods and services tax (GST) heralded a much-awaited reform in indirect taxes, arguably India’s most ambitious such effort since Independence.

Given its footprint and impact, the government’s latest move to rationalise the GST rates has drawn the usual spectrum of reactions: praise from those seeking relief, concern from those fearing revenue loss and scepticism from those seeing it as no more than tinkering.

While both criticism and praise have their place, more important is the underlying, significant nuance that the headlines miss: the GST architecture’s steady march towards maturity, where rates can be significantly adjusted without risking economic stability.

That speaks to the fiscal strength and calibrated trade-offs made over the past eight years to surmount a

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