With step-by-step progress towards Goods and Services Tax (“GST”), the Country is all set to witness the biggest indirect tax reform of unmatched importance in independent India. GST is a biggest game changing indirect tax reform for Indian economy, aimed at undoing Inter-State barriers to trade in goods and services by subsuming around 17 indirect taxes, viz. Excise Duty, Service Tax, VAT, CST, Luxury tax, Entry Tax, etc.
In order to engage with the stakeholders and invite comments from the public at large, the Central Government earlier put the Model GST Law on public domain on June 14, 2016. Industry Inc made threadbare analyses of the provisions contained therein and various suggestions were submitted to the Government through various forums.