The Evolution of GST since 1974

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