International Tax Reforms and Lessons for India's Journey Towards Viksit Bharat 2047

The global architecture of taxation has undergone a fundamental transformation over the past two decades. Intensifying globalization, rapid digitalization, expansion of cross-border capital flows, and increasing public concern over inequality and climate change have collectively reshaped international fiscal governance. Multinational enterprises (MNEs) have leveraged differences in national tax systems to shift profits to low-tax jurisdictions, thereby eroding domestic tax bases. In response, coordinated multilateral initiatives such as the Base Erosion and Profit Shifting (BEPS) project, the OECD/G20 Inclusive Framework, and the Two-Pillar Solution—particularly the Global Minimum Tax under Pillar Two—have emerged as instruments to restore fairness and stability to the global tax regime. Parallelly, digital services taxation, environmental fiscal reforms, and enhanced transparency standards have signaled a move toward rules-based international cooperation. For India, aspiring to achieve developed nation status under the national vision of Viksit Bharat 2047, the transformation of international tax norms is not merely a global phenomenon but a strategic opportunity. A developed economy requires a stable, equitable, growth-oriented, and technologically advanced tax system capable of mobilizing adequate revenue while promoting competitiveness and social justice. This research critically evaluates major international tax reforms and analyzes their implications for India’s direct and indirect tax frameworks. Using qualitative policy analysis supported by secondary macroeconomic data, the paper identifies structural gaps and proposes a long-term reform roadmap. The study finds that India must strengthen tax base broadening, rationalize GST structures, align with global minimum taxation norms, deepen digital administration reforms, integrate environmental taxation, and reinforce cooperative fiscal federalism. A globally aligned yet domestically adaptive tax strategy will be indispensable in building the fiscal foundations necessary for Viksit Bharat 2047.