EVOLUTION OF GST - MAJOR CONTRIBUTING EVENTS
Greeting my dear readers,
Today I am going to specify major events that contributed in the evolution of GST
- 1974 - L.K. Jha committee recommended VAT
- 1986 - Excise duty in name of MODVAT Introduced
- 1991 - VAT/GST recommended by Dr. Raja Chelliah committee
- 1st July1994 - Service Tax on 3 services @ 5% introduced
- 1999-2000 - Empowered committee of all State Finance Minister were formed for common VAT Floor Rates
- 2003 - Haryana become first state to Implement VAT in country
- 10th Sep2004 - Modvat got converted into Cenvat Credit account (Merger of Excise & Service Tax)
- 2005-06 - More than 25 states implemented VAT
- 2007 - FM (P. Chidambaram first time talked about GST, proposed implementation from 1.04.2010) ;CST rate reduced from 4% to 3% (1st phasing out of CST)
- 10th May 2007 - Working Group was formed by SFM for GST
- 19th Nov 2007 : Report of Joint Working group submitted
- 1st June 2008 - CST rate reduced from 3% to 2% (2nd phasing out of CST)
- 10th Nov 2009 - First discussion paper on GST by State Finance Ministers
- 15th Dec 2009 - 13th Finance commission gave report on GST
- 15th Jan 2010 - Department of revenue commented on First discussion paper of GST
- Feb 2011 - IT Team got setup for structure of GST
- Mar 2011 - 115th Constitution amendment bill tabled for GST
- July 2012 - Negative list regime in service tax
- July 2013 - Parliament standing committee submitted report on 115th Constitutional Amendment Bill
- April 2014 - 115th Constitutional Amendment Bill got lapsed
- 19thDec 2014 - 122th Constitution Amendment bill was placed before LOK SABHA
- 6th May 2015 - 122th Constitution Amendment bill was passed by LOK SABHA
- 12th May 2015 - Bill was sent to select panel
- 22nd July 2015 - Select Panel submitted their report
- 14th June 2016 - Draft GST Law came (Draft CGST Act, SGST Act, ISGT Act)
- 3rd Aug 2016 - 122th Constitutional Amendment bill passed in Rajya Sabha
- 1st Apr 2017 - EXPECTED ARRIVAL OF GST
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