Encyclopedia of events leading to GST in India.
The GST Council will likely approve the tax rates on services and all categories of goods by evening today.
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
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 - GST council approves five sets of rules involving registration, payment, refund, invoices and returns
2017, May 18 - 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.
Gstguru