New Delhi, Sept. 3 -- The GST Council meeting, chaired by Union Finance Minister Nirmala Sitharaman, is underway. All eyes are on how the present rates will be rationalised and how the committee plans to offset the deficit in tax revenue.

The GST Council meeting started on September 3 and will conclude on September 4. Expectations are high that the council will announce tax cuts that will affect hundreds of products, from shampoos and toothpaste to hybrid cars.

When Prime Minister Narendra Modi announced next-generation GST reforms in his Independence Day speech on August 15, his intent must have been to reduce the tax burden on consumers and reinvigorate the consumption cycle, which has remained dull despite healthy monsoons and income...