The rollout of the restructured two-tier Goods and Services Tax (GST) on September 22 marks yet another watershed moment in the history of India’s tax administration. The current restructured tax regime simplifies this further by introducing just two principal rates: Five per cent and 18 per cent. Ultra-luxury items will attract a 40 per cent levy, while tobacco and related products will remain under the 28 per cent plus cess category. In an attempt to channel the savings generated by lower GST and income tax rates to support industrial growth in the country, the Prime Minister urged Indians to embrace Swadeshi, or local products. If India is to reclaim its past glory, the government must help recreate support systems that mitigate risk and encourage enterprise.