Revamp economic, commercial and tax legislations

Significant action has been taken: the new Income-tax Act, 2025 was enacted to replace the six-decade-old Income-tax Act, 1961 with a simplified, consolidated and modernised direct-tax law (coming into effect from 1 April 2026), while GST 2.0 reforms (effective September 2025) simplified the indirect-tax regime, and the Jan Vishwas framework decriminalised numerous minor offences in commercial laws. These represent major revamps of tax and commercial legislation. However, a complete overhaul of all economic and commercial legislations, as pledged, is a broader, continuing exercise. Partial (strong action).