India finally seems to be on the cusp of implementing the much-awaited tax reform of Goods and Services Tax (GST). With the release of the Model GST Law on 14 June 2016, we crossed a major milestone and have certainly moved a step closer to GST. It is noteworthy that the Model GST Law has been released on the final day of meeting of the Empowered Committee of the State Finance Ministers and reflects a determined intent on the part of the Government to pass the Constitution (122nd Amendment) Bill in the forthcoming monsoon session of the Parliament. Globally the trend for the Financial Services (FS) sector has been either complete exemption or partially subject to GST. In jurisdictions where it is partially taxed, the approach has largely been to tax Fee-based activities with restricted input tax credits, while keeping the Fund based-activities outside the tax net. In the GST regime, the FS sector is expecting the partial basis of taxation, as prevailing in the present regime, to continue, with clarity on place of supply of services and seamless credits across the country. GST for the FS sector would be a major transformation as it would have an impact on the financial products, the IT system, processes and a shift from centralized compliance to State-wise compliance. The industry would need to analyze the provisions of the Model GST Law and its impact on their business. This is essential to ensure that timely representations are made to the Government, and to identify implementation requirements for smooth transition to GST regime. In the ensuing paragraphs, I have sought to identify the key aspects of the Model GST Law as may be relevant for the FS sector.