New Delhi, Dec. 31 -- Calendar year 2025 marked a defining phase in India's economic and legal landscape, with the government rolling out a series of structural reforms, tax rationalisation measures, regulatory simplification initiatives and monetary support steps, creating a more enabling environment for medium- to long-term growth.

A major highlight of the year was the overhaul of the Goods and Services Tax framework under GST 2.0. The indirect tax system was simplified from a four-rate structure to a two-rate regime of 5 per cent and 18 per cent, while select sin goods were placed under a higher 40 per cent slab.

The reform was aimed at improving compliance and reducing classification disputes. Alongside, The New Income Tax Act, was ...