Landmark Laws

GST (Goods and Services Tax, effective 1 July 2017) replaced 17 indirect taxes, creating India's largest tax reform since independence. Active registrations grew from 0 at launch to 148 lakh (14.8 million) by March 2024. GST has formalised the supply chain — businesses below ₹40 lakh turnover threshold are exempt. E-way bills (~100 crore/year), e-invoicing, and GSTN analytics have improved compliance and reduced tax evasion.

The Insolvency & Bankruptcy Code (IBC, 2016) replaced multiple overlapping insolvency laws and established a 330-day time-bound resolution process. As of March 2024: 1,067 cases resolved under CIRP with realisation of ₹3.16 lakh crore for creditors (recovery rate ~32% of admitted claims). An additional 27,000+ cases settled before formal CIRP, reflecting the law's deterrent effect. Delays remain: average resolution time has exceeded 600 days vs the 270-day statutory limit; NCLT capacity and legal challenges are bottlenecks.

The 4 Labour Codes (Wages 2019; Industrial Relations, Social Security, Occupational Safety 2020) consolidate 29 existing central labour laws. Aimed at simplifying compliance and extending social security to informal workers. As of mid-2025, states have not fully notified the rules, delaying implementation. The codes are contested by trade unions for reducing job security protections (fixed-term employment, raised thresholds for retrenchment permission). Coverage of gig and platform workers under Social Security Code is a new positive.