The Goods and Services Tax has, despite some criticism, settled down nicely. Revenue was buoyant; GSTN, the technology network, was functioning well. Then came Prime Minister Narendra Modi’s address on the occasion of the country’s 79th Independence Day. A speech bold in its vision and sweep, with a focus on reforms to fulfil the nation’s aspirations for a ‘Swarnim Bharat’.More critically, from the indirect taxation perspective, was the announcement of Next-Generation GST reforms by Diwali with an aim to reduce taxes on daily essentials, benefiting MSMEs, local vendors, and consumers, while simultaneously stimulating economic growth and creating a more efficient, citizen-friendly economy.
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