Srinagar, Aug. 15 -- India is gearing up for a major revamp of the Goods and Services Tax system, with changes expected before Diwali. Announced by Prime Minister Narendra Modi during his Independence Day address, the "next-generation" GST reforms promise lower taxes on everyday items and a boost for small businesses. The Centre has sent a three-pillar reform blueprint to the Group of Ministers for review, with the GST Council set to take it up next.

The plan rests on three focus areas - structural reforms, rate rationalisation, and ease of living. Structural changes will fix inverted duty structures in specific sectors, resolve classification disputes, and bring more stability to the system. Rate rationalisation will cut taxes on both c...