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News
The GST journey
Date:
30 Mar 2017
Source:
The Live Mint
Reporter:
Remya Nair
News ID:
6543
Pdf:
Nlink:
India is on the cusp of ushering in a historic tax reform that has been in the works for 17 years. On Wednesday, the goods and services tax (GST) moved a step closer to the 1 July roll-out date with the Lok Sabha passing supporting bills. Mint looks at GST’s journey through the years.
2000 The National Democratic Alliance (NDA) government led by Atal Bihari Vajpayee sets up an empowered committee of state finance ministers to prepare a GST structure 2004 Jul: A task force chaired by Vijay Kelkar backs GST 2006 Feb: Finance minister P Chidambaram proposes GST, sets a 1 April 2010 deadline for implementation 2009 Nov: The empowered committee releases its first discussion paper on GST Dec: The 13th finance commission backs GST, calling for no exclusions and a low tax rate 2011
Mar: The United Progressive Alliance (UPA) government introduces the constitution amendment bill in the Lok Sabha; bill referred to the standing committee for finance 2013 Aug: The standing committee submits its recommendations 2013-14
2013-May: The UPA fails to push GST in the face of resistance from states like Gujarat and Madhya Pradesh; constitutional amendment bill lapses with the dissolution of the 15th Lok Sabha
May: The NDA government revives GST effort after coming to power, promises to pay Central sales tax compensation to states
Dec: Revised constitution amendment bill introduced in the Lok Sabha, which passes it in May 2015 2016
Aug: Rajya Sabha passes the bill; 50% of state assemblies ratify the bill in August-September.
Sep: The Central government notifies provisions of the constitution amendment bill; the GST council, chaired by FM Arun Jaitley and comprising state FMs, is constituted; first meeting takes place on 22-23 September 2016-17
Sep 2016-Mar: GST council finalizes 5 laws: the central and state GST bills, the union territory GST bill, the integrated GST bill and the GST (compensation to states) bill over 12 meetings
27 Mar: The government introduces the four bills in Lok Sabha for consideration and passage 29 Mar: Lok Sabha passes the bills
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