Newsflash - Model GST Law in India - Key Highlights

The indirect taxes comprising of additional countervailing customs duty, excise duty, service tax, state level VAT laws and CST which are proposed to be subsumed within the GST account for 15% to 25% of the turnover for most businesses. As a result, the GST reform is bound to have a profound impact on your business and will certainly change the landscape of indirect taxation.

The Empowered Committee of State Finance Ministers has released the following two model GST law drafts in the public domain for comments. The release of model GST Law on 14 June 2016 is viewed as a major step forward towards implementation of GST in fiscal year 2017 :

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