Could not load schema model from package. (Microsoft.SqlServer.Dac)

Once I wrote a post on how to take a copy of Azure SQL Database into on-premise server: Taking backups of Azure SQL Database and restoring to on-premise server. It was a simple method, all we have to do is, export the database into a bacpac file and add to the server using Import Data-tier Application... 

With new operating system installation, I was trying to do the same but was hit by an error;

Could not load schema model from package. (Microsoft.SqlServer.Dac)

Internal Error. The database platform service with type

Microsoft.Data.Tools.Schema.Sql.SqlAzureV12DatabaseSchemaProvider is not valid.....

I immediately realized the issue, it was all about the version of Management Studio. I tried the same with Management Studio April Preview and I was able to add the database exported from Azure.

As per the reading I did, if you try with Management Studio that comes with SQL Server 2014, you need Service Pack 1 and CU 5 or above.