Admirable legislative progress has been made towards the implementation of goods and services tax (GST). The first week of the new financial year in April witnessed the Parliament passing the final set of GST laws i.e. central GST, integrated GST, Union Territory GST and compensation cess, with minimal floor opposition. Further, the GST council released four sets of draft rules on crucial aspects related to input tax credit, valuation, transition provisions. These rules accompanied revised rules related to registration, invoicing, payment and refunds (which were originally released in September 2016) for stakeholder consultation.
As immediate steps, the aforesaid rules need
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