At first glance, the impact of GST rate rationalisation looks like small change. But for some players in the organised sector, the impact could be transformational. Historically, larger players suffered a tax arbitrage disadvantage compared to the unorganised market, much of which operated outside the GST net. With rates now lower or zero on dairy items, the playing field has been levelled. The result? Organised players are now in a stronger position to compete on price and expand their share in a market long dominated by local dairies. And now institutional investors have started to show interest in these stocks