New Delhi, Aug. 17 -- On the occasion of India's 79th Independence Day, Prime Minister Narendra Modi gave the nation a festive promise well ahead of the festival season-a "double Diwali bonanza" in the form of GST 2.0.

Eight years after the launch of the indirect tax regime, the Prime Minister signalled that the next generation goods & services tax (GST) reforms are on the way. These could put more money in people's pockets, ease the burden on businesses, and inject fresh energy into the economy before the year ends.

The government's new blueprint, now being considered by a group of ministers (GoM), rests on three big goals: simplifying tax rates; fixing structural issues; and making life easier for both businesses and consumers. While ...