The Great GST Trick: Why 5% May Be Costing You More Than You Think 07Sep2025
(The views expressed here are for information purposes only and should not be construed as a
recommendation or investment advice. While the author is a CFA Charterholder
with nearly 25 years of experience in financial markets, this content
is intended to share general insights and does not constitute financial
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GST Goods and Services Tax
ITC input tax credit
GOI Government of India
VAT value added tax
Government of India on 03Sep2025 announced GST rate cuts on a large number of daily essential items, electronic appliances, stationery items, passenger cars, two wheelers, farm equipment and others -- providing relief to huge populace.
India's prime minister Narendra Modi made a promise of GST rate cuts during his August 15th Independence Day speech and the promise was fulfilled four days ago.
As an India consumer, I'm personally happy that GST on items, like, air conditioners, cars, two wheelers, snacks, utensils, televisions, dish washers, shampoo, toothpaste, dairy items and health / life insurance has been reduced.
(Sidenote: After seeing all the new reduced GST rates, now only do we realise how we have been scammed spectacularly by GOI, with extraordinarily high GST rates, for all these eight years since the introduction of GST)
However, when you look at the macro picture, there are several inefficiencies in the GST structure. As you know, GST was introduced in India with fanfare on 01Jul2017.
India’s economic debates often get hijacked by intermittent consumer-friendly tweaks, while the deep structural cracks in our systems go unnoticed.
As a consumer, I love seeing 0 per cent or 5 per cent GST on my favorite products. But when I learned how input tax credits work — or don’t work — I realised that what feels like a tax break may actually be a hidden tax trap.
The convoluted GST system makes me feel like I’m saving, but in the long run, I might just be paying differently — and blindly.
Maybe it’s time Indians shifted focus from scattered GST rate cuts to the bigger picture — a simple, fair and transparent indirect tax system.
For far too long, the deeper GST structural problems have been hurting both consumers and businesses: too many slabs, tax cliffs, blocked input tax credits and confusing compliance burdens.
These are not just technical flaws — they erode trust, distort markets and hold back growth. If we truly care about building a stronger Indian economy, it’s not lower rates we should demand — it’s better design.
Maybe it’s time Indians shifted focus from scattered GST rate cuts to the bigger picture — a simple, fair and transparent indirect tax system.
For far too long, the deeper GST structural problems have been hurting both consumers and businesses: too many slabs, tax cliffs, blocked input tax credits and confusing compliance burdens.
These are not just technical flaws — they erode trust, distort markets and hold back growth. If we truly care about building a stronger Indian economy, it’s not lower rates we should demand — it’s better design.
2. Definitions
Goods and Services Tax (GST) is a single tax that you pay when you buy something or use a service — like eating at a restaurant, booking a hotel, buying clothes or using your mobile phone.
It replaced many older taxes (like value added tax or VAT, service tax, excise, octroi, entry tax and others) with one unified tax across India.
Before GST:
You were paying many hidden taxes — at every step from manufacturing to selling — and they all added up in the final price. You didn’t even see most of them.
After GST:
You pay just one transparent tax at the end — and the businesses get to claim back the tax they already paid during the process. This avoids “tax on tax”, which makes things cheaper in theory.
Whether you buy a car or get a haircut, GST applies.
Different items are taxed at 0, 0.10, 0.25, 1, 1.5, 3, 5, 7.5 12, 18, or 28 per cent. Effective from 22Sep2025, 12 and 28 per cent slabs are getting removed, while a new 40 per cent slab is being introduced.
It replaced many older taxes (like value added tax or VAT, service tax, excise, octroi, entry tax and others) with one unified tax across India.
Before GST:
You were paying many hidden taxes — at every step from manufacturing to selling — and they all added up in the final price. You didn’t even see most of them.
After GST:
You pay just one transparent tax at the end — and the businesses get to claim back the tax they already paid during the process. This avoids “tax on tax”, which makes things cheaper in theory.
Whether you buy a car or get a haircut, GST applies.
Different items are taxed at 0, 0.10, 0.25, 1, 1.5, 3, 5, 7.5 12, 18, or 28 per cent. Effective from 22Sep2025, 12 and 28 per cent slabs are getting removed, while a new 40 per cent slab is being introduced.
As per an article written, along with others, by India's former chief economic advisor Dr Arvind Subramanian, there are 45 distinct GST tax rates in India.
Input Tax Credit (ITC) means a business can subtract the GST it already paid on raw materials and services from the GST it collects from buyers when selling the final product. For example, a chocolate maker pays GST on sugar, wrappers and transport; and then collects GST when selling the chocolate bar — ITC lets them claim back the tax paid on inputs.
This avoids double taxation and helps keep prices lower for consumers. However, in some GST slabs like 0 or 5 per cent, ITC is not allowed, so the hidden taxes get passed on to the consumer.
ITC is like getting a refund on the tax you already paid while making something — so you don’t get taxed twice.
Input Tax Credit (ITC) means a business can subtract the GST it already paid on raw materials and services from the GST it collects from buyers when selling the final product. For example, a chocolate maker pays GST on sugar, wrappers and transport; and then collects GST when selling the chocolate bar — ITC lets them claim back the tax paid on inputs.
This avoids double taxation and helps keep prices lower for consumers. However, in some GST slabs like 0 or 5 per cent, ITC is not allowed, so the hidden taxes get passed on to the consumer.
ITC is like getting a refund on the tax you already paid while making something — so you don’t get taxed twice.
3. GST original objectives
But beneath the veneer of these rate cuts and slabs announced on 03Sep2025 lies a tax system that looks simple but behaves unfairly — often penalising both producers and consumers in ways that aren't immediately visible.
Before we delve deep into the design flaws of the GST structure, let us briefly see what the original objectives of GST were when it was introduced in 2017. They were:
One Nation, One Tax: Creating a Unified National Market
Eliminate Cascading Taxes (Tax on Tax)
Simplify the Indirect Tax System and Easing Compliance
Increasing the Taxpayer Base and Revenue
Before we delve deep into the design flaws of the GST structure, let us briefly see what the original objectives of GST were when it was introduced in 2017. They were:
One Nation, One Tax: Creating a Unified National Market
Eliminate Cascading Taxes (Tax on Tax)
Simplify the Indirect Tax System and Easing Compliance
Increasing the Taxpayer Base and Revenue
Some claimed GST would boost India GDP by 1-1.5%age points
4. The illusion of low GST rates
Let us now discuss some of the inefficiencies in GST framework:
5% GST slab is deceptively low: Consumers falsely believe that 0 or 5 per cent GST tax slab on several goods and services is good for them. The low rates are seen as a government favour to the poor and middle class.
And they thank the governments in power for these low GST rates while the politicians at the hustings are amply rewarded by consumers.
So, everybody is happy: The consumers are happy with their public perception of 0 or 5 per cent GST and the politicians are happy with their incentives.
So, everybody is happy: The consumers are happy with their public perception of 0 or 5 per cent GST and the politicians are happy with their incentives.
Tax Incidence Is Hidden: Even if the consumer sees 5 per cent on the bill, they don’t realise how much tax is built into the final price via input costs, logistics and others taxed at higher slabs (for example, 18%).
Five per cent isn’t Always 5 per cent: In many cases, businesses don’t get full ITC benefit for goods/services taxed at 5 per cent, leading to cost buildup. They pass that to consumers.
Illusion of Affordability: A lower tax rate doesn't mean the product is cheap—just that it's less obviously taxed. The actual economic burden can still be high.
It’s a textbook case of policy optics: make something look good, even if the deeper economics are not favourable.
The majority of voters don’t scrutinise tax policy or understand effective tax incidence. Emotional narratives (“we reduced your taxes”) beat technical explanations (“input tax credit is blocked, so effective cost is higher”).
Five per cent isn’t Always 5 per cent: In many cases, businesses don’t get full ITC benefit for goods/services taxed at 5 per cent, leading to cost buildup. They pass that to consumers.
Illusion of Affordability: A lower tax rate doesn't mean the product is cheap—just that it's less obviously taxed. The actual economic burden can still be high.
It’s a textbook case of policy optics: make something look good, even if the deeper economics are not favourable.
The majority of voters don’t scrutinise tax policy or understand effective tax incidence. Emotional narratives (“we reduced your taxes”) beat technical explanations (“input tax credit is blocked, so effective cost is higher”).
While a 5 per cent or nil tax on goods and services look good on the surface, it leads to economic distortions.
Imagine a scenario where a manufacturer's output is taxed at 5 per cent while his inputs are taxed at 18 per cent. Five per cent GST rate does not allow him to claim ITC for the 18 per cent GST he paid on his inputs.
Imagine a scenario where a manufacturer's output is taxed at 5 per cent while his inputs are taxed at 18 per cent. Five per cent GST rate does not allow him to claim ITC for the 18 per cent GST he paid on his inputs.
So, what he will do now to evade GST is look for unregistered suppliers out of the GST system and avoid paying the 18 per cent GST on his inputs (evading GST is punishable under law is a different issue).
This defeats the original purpose of GST. This way, the flawed GST design drives manufacturers from formal to informal economy.
This defeats the original purpose of GST. This way, the flawed GST design drives manufacturers from formal to informal economy.
Let's
see how this works with a practical example with beauty and physical
well-being services, like, hair saloon, beauty palours, spas and gyms:
These
services are currently (before 22Sep2025) are taxed at 18 per cent with
ITC and from 22Sep2025, they will be charged with 5 per cent GST without ITC.
What this means for businesses: A salon or gym will now charge customers only 5 per cent GST, making the final bill deceptively cheaper for the consumer.
However, they can no longer claim a refund for the GST they paid on their business-related purchases. This means the GST they paid on things like rent, air conditioning and equipment becomes a cost to their business.
The Impact: This is a classic "tax cliff" or, more accurately, a policy trade-off.
For the Consumer: It looks like immediate benefit. A service that cost Rs 1,180 (including 18% GST) may now cost, on paper, Rs 1,050 (including 5% GST) from 22Sep2025.
For the Business: The effect is more complex. While the lower rate is expected to drive more foot traffic and increase business volume, the loss of ITC could impact the profit margins of businesses with high input costs.
The Impact: This is a classic "tax cliff" or, more accurately, a policy trade-off.
For the Consumer: It looks like immediate benefit. A service that cost Rs 1,180 (including 18% GST) may now cost, on paper, Rs 1,050 (including 5% GST) from 22Sep2025.
For the Business: The effect is more complex. While the lower rate is expected to drive more foot traffic and increase business volume, the loss of ITC could impact the profit margins of businesses with high input costs.
As such, it's quite likely the business will not absorb the loss of ITC and will increase the base price to offset the loss of ITC.
Net-net, the overall price (including GST) for the user of these services is likely to remain the same for some time after the new lower GST is kicked in on 22Sep2025.
While the government intention to provide such services affordable to the general public is laudable, the loss of ITC for businesses creates a distortion.
While the government intention to provide such services affordable to the general public is laudable, the loss of ITC for businesses creates a distortion.
As cautioned by Dr Montek Singh Ahluwalia in a recent interview, GST reforms and GST tax cuts are two different things. We should not conflate one with the other.
Experts like Ahluwalia and Arvind Subramanian have repeatedly warned that cosmetic tweaks aren’t reform.
5. Multiplicity of rates
The number of GST rates are insanely high at 45. Even after the removal of 12 and 28 per cent slabs and introduction of 40 per cent slab, the distinct number of tax slabs are mindbogglingly unjustifiable.
This is providing a vast incentive for manufacturers and service providers to place their goods / services under lower tax slabs. The current multiple rate GST system leads to tax evasion through mis-classification.
6. Tax Cliff burden
A tax cliff in the Indian GST context refers to a situation where a small change in a product's price or a business's turnover can cause a sudden, significant increase in the applicable GST rate. This happens when a specific threshold is crossed, causing a disproportionate tax burden.
This creates a situation where:
> The effective tax burden increases sharply
> Businesses are incentivised to manipulate prices to stay below the cliff
> It leads to market distortion, loss of transparency and revenue collection inefficiencies.
> The effective tax burden increases sharply
> Businesses are incentivised to manipulate prices to stay below the cliff
> It leads to market distortion, loss of transparency and revenue collection inefficiencies.
Price-Based Tax Rate Changes:
Certain goods and services have different GST rates depending on their price. If the price of a product or service crosses a specific threshold, it can jump to a much higher tax slab.
Certain goods and services have different GST rates depending on their price. If the price of a product or service crosses a specific threshold, it can jump to a much higher tax slab.
For example: Currently, hotel rooms upto and including Rs 7,500 tariff per room per day are taxed with a GST of 12 per cent with ITC; and room tariffs above Rs 7,500 are taxed with 18 per cent GST with ITC.
From 22Sep2025 onwards:
1) upto Rs 7,500: 5% without ITC
2) above Rs 7,500: 18% with ITC (no change)
In the case of rooms costing above Rs 7,500, there is no change in the tax rate and they can continue to claim ITC even after 22Sep2025.
For room tariffs costing Rs 7,500 and below, the situation is a conundrum, because they can't claim ITC. As you know, hotels spend a lot on inputs like:
Linen, toiletries and cleaning supplies
Furniture and room interiors
Electricity, maintenance services
Kitchen and restaurant supplies
Air conditioning, electronics
IT systems, booking platforms and software
Furniture and room interiors
Electricity, maintenance services
Kitchen and restaurant supplies
Air conditioning, electronics
IT systems, booking platforms and software
Most of these inputs attract 18 per cent GST for hotel businesses. For rooms with tariff of Rs 7,500 and below, they cannot claim 18 per cent GST they paid on the above inputs.
As such, their effective cost of operation goes up and it's most likely they will pass on the costs to the guests, nullifying the lower GST rate.
To make up for the loss of input credit, hotels often increase the base tariff slightly, which reduces or cancels out the benefit of the lower GST for the customer.
Example: At present, a hotel that could have charged Rs 6,000 + 12% = Rs 6,720 (with ITC), might now charge Rs 6,400 + 5% = Rs 6,720 (without ITC). The result is no saving for the customer and lower transparency.
Example: At present, a hotel that could have charged Rs 6,000 + 12% = Rs 6,720 (with ITC), might now charge Rs 6,400 + 5% = Rs 6,720 (without ITC). The result is no saving for the customer and lower transparency.
This leads to:
Incentives to under-invoice
Loss of revenue for the government
Market distortion
Hotels may artificially keep room rates just below Rs 7,500 to stay in the lower slab.
Apparel sellers may split combo packs or strip discounts to keep items below Rs 2,500. (Apparel / clothes of value not exceeding Rs 2,500 will be charged at 5% GST without ITC effective 22Sep2025. And clothes costing above Rs 2,500 will be charged at 18% GST, increased from current 12%, from 22Sep2025.)
This leads to economic inefficiency and compliance manipulation.
Price ≠ luxury:
A Rs 7,501 room in a metro is basic. In a Tier-3 city, it might be luxury.
A Rs 7,501 room in a metro is basic. In a Tier-3 city, it might be luxury.
A Rs 2,501 kurta could be formal wear for a wedding, or just a branded workwear item.
This system uses price as a moral filter, which doesn’t hold up in practice.
As clarified by Ahluwalia, progressive tax system is used with direct taxes, subsidies and direct income transfers to the public; not with indirect taxes like GST.
This has been the international norm.
Indirect taxes, like GST, should not have a wide variation of rates / slabs.
Hotel rooms with tariffs of Rs 7,500 at one rate and above the threshold at another rate; and apparel/ clothes of Rs 2,500 at one rate and above at higher rate – this type of GST slab system is completely wrong.
With this flawed GST design and structure, the original objective of a simplified and efficient tax collection system has not been achieved.
The likes of Subramanian and Ahluwalia have stated that GST (including cesses) share of GDP has failed to rise after GST's introduction in 2017, as compared to total taxes collected prior to 2017. Which means, the tax base has not increased post-GST.
This has been the international norm.
Indirect taxes, like GST, should not have a wide variation of rates / slabs.
Hotel rooms with tariffs of Rs 7,500 at one rate and above the threshold at another rate; and apparel/ clothes of Rs 2,500 at one rate and above at higher rate – this type of GST slab system is completely wrong.
With this flawed GST design and structure, the original objective of a simplified and efficient tax collection system has not been achieved.
The likes of Subramanian and Ahluwalia have stated that GST (including cesses) share of GDP has failed to rise after GST's introduction in 2017, as compared to total taxes collected prior to 2017. Which means, the tax base has not increased post-GST.
7. Zero tax on insurance premium
While citizens are happy with zero GST on individual health and life insurance premiums, there are certain nuances to this zero tax claim.
According to a moneycontrol report, insurance premiums after 22Sep2025 may rise by 1 to 4 per cent, due to tax distortions. Effective 22Sep2025, insurance companies cannot claim ITC on the costs incurred by them.
Effective 22Sep2025, the GST on insurance premiums is reduced to zero from 18 per cent.
Insurers pay 18 per cent GST on expenses like agent commissions, rent, marketing and others.
With nil GST on insurance premiums from 22Sep2025, insurance companies can no longer claim ITC on their operational expenses -- so in order to protect theier profit margins, they might hike the base premium to account for the loss of ITC.
It is estimated insurers’ operational costs to climb by 5–7 per cent, which could translate into pricing adjustments—hence, a 1–4 per cent premium hike is anticipated to cushion the impact.
With nil GST on insurance premiums from 22Sep2025, insurance companies can no longer claim ITC on their operational expenses -- so in order to protect theier profit margins, they might hike the base premium to account for the loss of ITC.
It is estimated insurers’ operational costs to climb by 5–7 per cent, which could translate into pricing adjustments—hence, a 1–4 per cent premium hike is anticipated to cushion the impact.
8. Concluding Thoughts
Economists, like, Vijay Kelkar, Arbind Modi, Ajay Shah and Montek Singh Ahluwalia have long batted for a single-rate GST and their voices have unfortunately fallen on deaf ears.
As pointed out by them on various occasion over the years, structural GST inefficiencies include:
> Faulty GST Council setup
> Faulty GST Council setup
> No open discussion on the GST proposals presented to GST Council
> distorted vote share (skewed in favour of the Centre) in the GST Council
> GST introduction is a huge positive, but it's not ideal
> GST share of GDP failed to rise after 2017
> GST system is complicated
> Too many GST rates / slabs
> GST compensation cess, for states revenue shortfall if any, is an aberration (this goes against federalism and simplicity)
For long, they have advocated:
> Single-rate 14 per cent GST (split into 6% for Centre + 6% for states + 2% for urban local bodies - urban bodies need their own tax revenues if you urbanisation to be a big success)
> Overhaul of GST Council setup
As enunciated in Laffer Curve phenomenon, with low single-rate GST, the government's overall GST tax revenue could rise, simplifying things for citizens and removing tax collection inefficiencies.
A simplified, uniform GST structure with fewer slabs and transparent pricing, along with better public education on tax policy will go a long way in GST reform.
True GST reform involves: Single-rate GST or at least just two rates, seamless input tax credit (ITC), wider base, fewer exemptions, stable and predictable rates, robust, tech-driven compliance and no tax terrorism.
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Additional notes:
1. The politics of 0% GST on more than 50% of the items in the CPI basket.
Since the introduction of GST, more than 50% of the items in the CPI basket have been out the GST purview. This is a deliberate political and economic strategy by the Government of India to keep CPI inflation under control.
After the GST tax rates were reduced effective 22Sep2025, some are arguing lower inflation induced by GST rate cuts will nudge Reserve Bank of India to effect Repo rate cuts. This is a naive view in my opinion given the fact that more than 50 per cent of the items in CPI basket attract nil GST.
GST isn’t as comprehensive as it appears. In fact, more than 50% of the items in the Consumer Price Index (CPI) basket — which includes essentials like food, fuel, and housing — are outside the GST net altogether.
Items like petrol, diesel, alcohol, electricity and most real estate transactions continue to be taxed separately by states. This not only breaks the chain of input tax credit in many industries (especially transport and logistics) but also means the effective tax burden on consumers remains opaque.
Fuel: Not under GST > No ITC on fuel costs for businesses > Increased costs passed to consumers
Food items: Many are exempt > Creates challenges in claiming ITC for related supply chain inputs
Alcohol: Major revenue item for states, kept outside GST
Fuel: Not under GST > No ITC on fuel costs for businesses > Increased costs passed to consumers
Food items: Many are exempt > Creates challenges in claiming ITC for related supply chain inputs
Alcohol: Major revenue item for states, kept outside GST
Electricity: Excluded > Manufacturing and services industries can't claim ITC on power bills
GST Coucil setup is faulty
No open discussion on the GST proposals presented to GST Council
GST introduction is a huge positive, but it's not ideal
GST share of GDP failed to rise
GST system is complicated
We've too many GST rates / slabs
No open discussion on the GST proposals presented to GST Council
GST introduction is a huge positive, but it's not ideal
GST share of GDP failed to rise
GST system is complicated
We've too many GST rates / slabs
GST compensation cess, for states revenue shortfall if any, is an aberration
(this goes against federalism and simplicity)
With GST of 0% and 5%, there in no benefit of input tax credit (ITC)
Ideal GST: Single-rate 14% (6% Centre + 6% States + 2% local urban local bodies)
If ideal GST / uniform rate is not possible, maybe we can have just two rates
Urbanisation cannot happen without any specific GST revenue given to them
5% GST slab is too low
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References:
Above image courtesy: massive Tweet thread on GST (First Details of GST structure) thread 19May2017 - Bibek Debroy comments - dual GST: CGST and SGST - IGST - multiple GST rates - GST means Great and Simple Tinkering - GST Council - check posts abolished - 10-headed Ravana - Ten-headed Ravana -
Tweet 04Sep2025 Arvind Subramanian and other article - flawed GST rate structure - 45 distinct GST tax rates / slabs - See below image for this article
Tweet on "sin tax" - Govt panel in Dec2015 suggested 40% GST on "sin goods" like carbonated drinks
Flawless GST by Vijay Kelkar 12Oct2009
Tweet 01Jul2017 new GST rates and Gazette notification
Tweet 13May2015 what new GST for economic agents
Tweet 13May2015 VAT vs GST
FM Arun Jaitley rules out postponement of GST: "You've a Constitutional compulsion to put in place GST before 16Sep2017 - Tweet 02Dec2016
GST compensation cess Tweet 03Nov2016
Burj Khalifa cess 03Nov2016
Tweet 03Nov2016 - 0% GST on 50% of items in CPI basket
Tweet thread 07Sep2025 - impact of GST rate cuts and heavy monsoon rains on consumption during Jul-Sep2025 quarter
Tweet 25Jul2017 De-stocking by trade ahead of GST rollout - Asian Paints and Pidilite Industries reported 20% fall in net profit in Apr-Jul2017 quarter
Tweet thread 22Oct2016 - possible GST rollout, low inventory, de-stocking by traders and low sales
A series of Tweets on GST 2013 to 2021
GST blog GST First Discussion Paper 11Nov2009
Scribd VRK100 GST First Discussion Paper 11Nov2009
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Disclosure: I've got a vested interest in Indian stocks and other investments. It's safe to assume I've interest in the financial instruments / products discussed, if any.
Disclaimer: The analysis and
opinion provided here are only for information purposes and should not be construed
as investment advice. Investors should consult their own financial advisers
before making any investments. The author is a CFA Charterholder with a vested
interest in financial markets.
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