New Delhi, Sept. 7 -- Introduced as a symbol of cooperative federalism in 2017, India's goods and services tax (GST) replaced a fragmented tax system with a unified national indirect tax framework. The reforms approved in the 56th GST Council meeting reflect a pro-growth and pro-business approach that sets the stage for greater economic expansion, tax compliance and investor confidence.

From complexity to clarity: In the last eight years, GST has already delivered substantial dividends-it streamlined indirect taxes, dismantled inter-state barriers and curbed the cascading effect of levies on inputs along value chains. However, operational challenges on account of complexities, compliance burdens, delays and classification disputes held b...