New Delhi, Oct. 11 -- The 57th Goods and Services Tax (GST) Council meeting may well be remembered for transforming GST from a tax reform to a broader growth enabler. The first phase of GST focused on creating a unified market and stabilizing revenues. The second on rate rationalization. The latest reforms aim at something more fundamental: improving the efficiency with which capital flows through the economy.

Viewed collectively, these steps align with the vision of GST as a key pillar in India's journey towards Viksit Bharat-an economy where businesses can operate with greater certainty, deploy capital productively and scale without avoidable administrative friction.

The reforms represent a shift from protecting revenue through restri...