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The finance ministry is taking the GST matter to the general public for the suggestion and advice row as the ministry have put a set of 8 rules in the public domain, which will be applied to the roll out of goods and service tax in India starting July 1. The government is also seeking comments from the industries in concern on the newly included 4 set of laws i.e. GST Composition, GST Valuation, GST Transition and GST ITC. The rules got passed with some approximation at the meeting of GST council on previously gone March 31.

The government has been trying to impose the Goods and service tax in the said timeline of July 1, but the opposition has been creating all sorts of extension and to take the GST bills towards completion and worthwhile to take the support from their network

On the verge of new taxation regime occupying the nation, there are still some obligations which are to be met before fully realizing goods and service tax in India.

The GST council and the CBEC are being considered as the topmost authority in the upcoming goods and service tax direction. And ahead of GST, the finance ministry is in full preparation to change the name of old The Central Board of Excise & Customs (CBEC) into the specific Central Board of Indirect Taxes & Customs (CBIC) as soon as possible.

The GST will bring with itself a revenue loss of about Rs. 60 Thousand crores to the center for discarding all the other 16 types of cess and sur-charges from the list.

The Union Finance Minister Arun Jaitley has given an unusual hint towards the legislation process and directed the budget session currently active to pass the goods and service related drafts and legislatures in reference to garner the benefits and revenue of indirect taxes as it will discard the rights of centre and states to collect the taxes after the deadline of September 15.

The GST (Goods and Service Tax) Council is planning to implement its new indirect tax reform in the country by July 1, 2017. Meanwhile, the leading beverages maker Coca-Cola wants the implementation date to be postponed by two months and make it to September 1, 2017.