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On 15 August 2025, Prime Minister Narendra Modi, in his Independence Day address, announced a blueprint for what he termed “Next-Generation GST reforms.” Framed as a Diwali gift to the nation, the proposal seeks to simplify the tax architecture and restore confidence in India’s indirect tax regime. The reforms rest on three pillars— structural correction of inverted duty structures and classification disputes, rate rationalisation into two broad slabs with limited exceptions, and ease-of-living measures such as pre-filled returns, technology-driven refunds, and simplified registration.
The announcement has generated optimism among businesses and consumers alike. Analysts project a potential consumption boost of nearly ₹2 lakh crore1, with positive spillovers to GDP growth, inflation, and stock market sentiment. International rating agencies have also hailed the move, viewing it as a step toward broadening compliance and reducing the shadow economy.
THE IMPLEMENTATION DEFICIT – DISPROPORTIONATE DEMANDS
Way back in 1926, on the 150th anniversary of the American Declaration of Independence, U.S. President Calvin Coolidge2 observed “It is not the enactment, but the observance of laws, that creates the character of a nation”. Almost a century later, this
