Srinagar, Sept. 13 -- On the occasion of the 79th Independence Day, the Hon'ble Prime Minister, while highlighting the significance of the rollout of Goods and Services Tax (GST), also emphasized the importance of undertaking the next generation of reforms in GST, keeping the interests of the common man, farmers, middle class, and MSMEs to the fore. These reforms, recently approved by the 56th GST Council, is a watershed moment in the evolution of India's indirect tax system.

Through this article, I seek to highlight the underlying principles behind these reforms, the broad architecture within which they have been conceived, and the vision they embody for a more stable, equitable, and growth-oriented tax regime. The exercise of GST refor...