Updates pertaining to Indirect Taxation can be rightly described as ‘Oxygen’ to survive in the business. The policy towards Indirect Taxes as directed by the Ministry of Finance is quite fluctuating is an understatement, given to the changes declared on a regular basis. Therefore, even though the principle of law remains the same, every now and then there are changes in a number of important conditions such as change of rate of duty/tax, exemptions, penal provisions, interest rates, etc. So far, Indirect Tax is levied as ‘transaction tax’, therefore (there could be arbitrary changes in the very structure of taxation, by the Central or the state government, even in between the Union budgets.

After introducing the GST (and the CGST, SGST and IGST), hopefully there won’t be any further frequent changes in the tax structure by the Central Government, as they do they are introduced at present.