India, Sept. 4 -- Of course, we need to be excited about fewer rates, and lower prices. The proposed two-slab structure, plus the sinful tax one, of the Goods and Services Tax (GST) is a giant step forward in tax reforms. According to estimates, 175 items may get cheaper, although one will need to wait for the final notification, and look at the fine print. There will be ease of doing business for the manufacturers and traders, which too is a laudable achievement. However, there is more to GST than slabs and rates. What India needs is a new mindset, a new gait, i.e., to walk the talk.

For instance, if the slabs of five per cent and 18 per cent, along with a much-higher one for a few sinful items like liquor and tobacco, come into play, i...