Corporate restructuring through demergers has emerged as a significant mechanism through which companies reorganize internal business structures, enhance operational efficiency, and unlock shareholder value. In principle, such restructuring should occur without triggering adverse tax consequences where there is no substantive change in ownership or economic control. The Indian tax framework governing demergers seeks to achieve this objective through the principle of tax neutr

The Next-Gen GST reforms introduced in September 2025 mark a major restructuring of India’s indirect tax system. The policy reform significantly alters the coal sector by increasing the tax slab from 5% to 18%, and eliminating compensation cess. This article raises the question of whether this reform projected as a step towards simplicity and sustainability in fact poses deeper structural challenges. It begins by analysing the impact on coal-producing states, and subsequently