India, Oct. 6 -- The recent rationalisation of the Goods and Services Tax (GST) slabs-removing the 12 per cent and 28per cent brackets and consolidating them into 5 per cent and 18 per cent-was widely hailed as a leap toward simplification. On paper, it promised efficiency, transparency, and predictability. Yet, for industries operating under the Inverted Duty Structure (IDS), the celebration has been short-lived. In Punjab, where several industries, including tractors, farm implements and various ancillary sectors, form the backbone of the industrial economy, the restructuring has inadvertently created a liquidity crisis that could threaten the state's much-anticipated industrial revival.

Paying More, Receiving Late

Under the inverted ...