New Delhi, Aug. 26 -- Indian Prime Minister Narendra Modi's announcement on Independence Day about launching the next phase of goods and services tax (GST) reforms by Diwali this year adds tremendous heft and seriousness to this long-awaited policy change. There is a lot to be said about its timeliness too-with global headwinds in the wake of US tariff tantrums having dampened sentiment considerably in India's manufacturing and export sectors.

The package not only clearly articulates the Centre's vision of a reformed GST, but also pushes all the right buttons: we can expect a neater, less dispute-prone and stable rate structure; correction of rate-structure inversions; ease of living for businesses, with the streamlining of three key bus...