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Journey of GST in India.

Journey of GST in India.

  • Category: General
  • Date: 16-06-2018

       In 2000, PM Vajpayee set up a committee to draft GST law.

·During 2004, Vijay Kelkar represented their recommendation for GST to replace existing tax regime. Kelkar task force pointed out GST must be implemented to improve tax structure.

·Finance minister P Chidambaram expressed GST term in his budget speech on February 2006, he and his team propose ambition to introduce GST in 2010.

·The empowered team of finance minister began to draw a roadmap for GST. Central sales tax reduces gradually during 2007.

·In 2008, the roadmap for GST submitted to Government of India and finalizes dual GST structure to have a separate tax.

·Pranab Mukherjee computerized commercial tax launched but GST implementation postponed due to some aspects in 2010.

·In 2011, the constitution amendment bill introduced in Loksabha to enable GST law. And the bill sent to standing committee for further process.

·To resolve the issue relating to the GST rollout, P Chidambaram held meeting with state finance minister on December 31, 2012.

·In order to make certain improvements in GST bill, the standing committee submitted it to parliament. Even Narendra Modi clash against GST bill in 2013 because a state would incur a huge loss due to GST.

·The constitution bill again submitted in Loksabha by finance minister ArunJaitley on 19 December 2014.

·During the monsoon session 2015, The GST successfully passed by the Loksabha but lack of majority got from regional parties in RajyaSabha.

·On 3 August 2016, RajyaSabha passed GST bill and so same year the amended bill was passed by Loksabha.  Even Pranab Mukherjee gave approval for GST bill.

·With the constant support from Narendra Modi’s government, 4 supplementary bills passed in Loksabha. And final GST is implemented on July 1, 2017.

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