Rule-Making Petition – Bringing Regulators And Stakeholders Closer

In the recent years, India has seen a flurry of new legislations. Some of the notable laws are the Central Goods and Services Tax Act, 2017 (GST) and the Insolvency and Bankruptcy Code, 2016 (IBC). Most of these laws were enacted after wide public consultation which signifies a trend towards an evidence-based approach while drafting laws. However, implementation of some of them have been facing teething problems because of the transition from the old to the new regime, and therefore need constant tweaks as indeed all new laws do. For instance, soon after rolling out of the GST regime, the affected parties including certain small traders made various representations to the government to simplify the compliance procedure. Similarly, in the case of IBC, stakeholders brought to the government's notice a few loopholes and anomalies which has led to various amendments since its enactment.