The correct answer is B) Introduction of GST.
The Goods and Services Tax (GST) is a comprehensive indirect tax reform in India. It was introduced on 1 July 2017 and replaced a number of indirect taxes levied by the central and state governments. GST is a destination-based tax, which means that it is levied on the value added at each stage of the supply chain and is paid to the government of the state where the goods or services are consumed.
The introduction of GST has simplified the tax system in India by replacing a number of indirect taxes with a single tax. This has made it easier for businesses to comply with tax laws and has reduced the cost of doing business. GST has also helped to improve tax compliance and has increased revenue collection for the government.
The other options are incorrect because:
- Demonetization was a policy of the Indian government in which high-denomination banknotes were demonetized. This policy was implemented in November 2016 in an effort to combat black money and counterfeit currency.
- The Insolvency and Bankruptcy Code is a law that was enacted in 2016 to provide a time-bound and efficient mechanism for resolving insolvency and bankruptcy cases.
- The Make in India initiative is a government program that aims to promote manufacturing in India.