Valuation rules and the risk of litigation

These are eventful days for tax consultants. They are busier than ever bracing for the GST (goods and service tax) implementation deadline of 1 July and jotting down suggestions for the draft rules put in the public domain by the GST Council, to be submitted by 10 April.  Four draft set of rules relating to composition, input tax credit, transition and valuation were approved by the council l…