Moneycontrol
May 20, 2017 12:21 PM IST | Source: Moneycontrol.com

GST: 11 years, three governments, three FMs

The government plans to introduce GST from July 1, 2017, more than 11 years after a formal process to introduce it began.

GST: 11 years, three governments, three FMs

The GST Council on Friday approved the tax rates on services and most categories of goods.

GST promises to stitch together a common national market by replacing a string of central and local levies such as excise, value added tax, octroi, service tax.

The government plans to introduce GST from July 1, 2017, more than 11 years after a formal process to introduce it began.

Here’s a look back at how GST, independent India’s biggest reform initiative, has reached the final leg:

---------

2006  -  FM P Chidambaram moots GST in the Budget Speech for 2006-07

2008  -  Empowered Committee of State Finance Ministers (EC) engaged

2009  -  EC releases its First Discussion Paper

2011  -  FM Pranab Mukherjee introduces Constitution Amendment Bill on GST in Lok Sabha

2013, Aug  -  Parliamentary Standing Committee submits report on GST; recommendations incorporated in the Bill

2013, Sep  -  Revised Bill sent to EC for consideration

2014, Mar  -  Another revised Bill drafted incorporating recommendations of EC

2014, Dec  -  FM Arun Jaitley introduces Constitution Amendment Bill for GST in Lok Sabha

2015, May  -  LS Passes Constitution Amendment Bill for GST

2015, Aug  -  Congress insists on capping GST rate at 18%; opposes 1 percent “entry” tax to protect manufacturing states as it distorts the system

2016, July  -  Centre and states agree against capping GST rate in the Constitution amendment Bill

2016, Aug  -  Parliament passes 122nd Constitution Amendment Bill for GST; clause on entry tax dropped; states assured of full compensation for potential revenue loss upto five years

2016, Oct 18  -  GST Council decides on a compensation formula for states for revenue loss

2016, Oct 26  -  FM Arun Jaitley writes blog favouring four-tiered GST tax structure

2016, Nov 03  -  GST Council agrees on a four-slab structure –5, 12, 18 and 28 percent—along with a cess on luxury and `sin’ goods such as tobacco

2016, Nov 04  -  GST council meeting inconclusive as Centre, states fail to agree on GST administrative issue on “dual control”

2016, Nov 12  -  GST council fails to agree on CGST and SGST laws

2016, Dec 23  -  Agreement on two laws in GST council meeting, but “dual control” remains a thorny issue

Decoding: What does GST mean for you?

2017, Jan 03  -  States want compensation corpus raised from Rs 55,000 crore to Rs 90,000 crore to soothe demonetisation pain; new roadblocks surface on taxation rights of goods transported through territorial waters

2017, Jan 04  -  No breakthrough in GST Council meeting, hopes hinge on Jan 16 meeting to break impasse; roll-out date pushed till July 1

2017, Jan 16  -  Centre and states agree on two thorny issues of “dual control” and taxing rights of goods moved through high seas

2017, Feb 18  -  GST Council finalizes draft Compensation Bill

2017, Mar 4  -  GST Council approves CGST and IGST) Bills

2017, Mar 16  -  GST Council State GST Bill and the UT GST Bills.

2017, Mar 20  -  Union Cabinet approves CGST, IGST, UT GST and Compensation Bills

2017, March 27  -  FM Arun Jaitley introduces CGST, IGST, UT GST and o

2017, March 29 -  Lok Sabha passes five GST bills

2017, March 31  -  The GST council approves five sets of rules involving registration, payment, refund, invoices and returns

2017, May 18 -  The GST council meets in Srinagar; approves tax rates for 1211 items; approves another four sets of rules relating to composition, valuation, ITC (input tax credit) and the transition process.

2017, May 19 - The GST council approves a 4-tiered tax structure for services under GST -- 5, 12, 18, 28 percent

Read Moneycontrol's full coverage on GST here
Sections
Follow us on
Available On