GST: Cut the rate, extend coverage

Most goods (nearly 70%) will reportedly attract a goods and services tax rate of 18%. This is welcome. This rate is less than half of the current cumulative burden of indirect taxes on goods. Consumers will gain as most of these taxes will be subsumed under GST, cutting out the cascade of multiple levies that products bear, and lower retail prices. Most services should also attract the 18% rate wh…