December 14, 2018

HOW GST PASSED

HOW GST PASSED

Year 2000 

  • Atal Bihari Vajpayee set up an Empowered Committee of state Finance Ministers, which was headed by Finance Minister West Bengal , Asim Dasgupta

 

In Year 2004

  • Kelkar Task Force implemented Fiscal Responsibility and Budget Management Act 2003, explains the problems in existing structure and suggested a comprehensive GST

⇒Year 2006

  • Finance Minister P. Chidambaram first announce the Proposal GST i.e. 1st April 2010 in his budget speech

⇒In Year 2007

  • Empowered Committee of State Finance Minister started working with Central Government to prepare a roadmap for introduction of GST.
  • The Empowered Committee of State Finance Ministers decided to set up a Joint Working Group  on May 10, 2007.
  • This group co- Chaired by Parthasarthi Shome (adviser to the finance minister) and Satish Chandra
    (secretary of the empowered committee) of state finance ministers on VAT,  which submitted its report to the Empowered Committee on November 19, 2007.
  • This report then discussed in the meeting of Empowered Committee.

⇒In Year 2008

  • On the basis of above discussion and written observations of the States,
  • Certain modifications made in the report  and
  • A final report of Empowered Committee at that stage prepared and
  • Sent to the Government of India (April 30, 2008).
  • The Comments from the Government of India received on December 12,2008, duly considered by Empowered Committee on 16th December 2008.

⇒In Year 2009

  • It was decided that a Committee of Principal Secretaries/Secretaries of Finance/Taxation and Commissioners of Trade Taxes of the States would be set up to consider these comments, and submit their views.
  • These views were submitted and were accepted in principle by the Empowered Committee (January 21, 2009) a Working Group consisting of the concerned officials of the State Governments was formed who, in association with senior representatives of Government of India, submitted their recommendations in detail on the structure of GST.
  • An important interaction has also recently taken place between Shri Pranab Mukherjee, the Union Finance Minister and the Empowered Committee (October 19, 2009) on the related issue of compensation for loss of the States on account of phasing out of CST.Empowered Committee released the First Discussion Paper.

⇒In Year 2010  

  • Finance Minister Pranab Mukherjee announced in budget that the GST will be effective from 1st April 2011

⇒In Year 2014

  • The Constitution(122nd Amendment) Bill 2014 introduced in Lok Sabha on 19th December 2014

⇒In Year 2015

  •  Passed by Lok Sabha on 6th May 2015. The report submitted to Rajya Sabha on 22nd july 2015

⇒In Year 2016

  • Bill passed by Rajya Sabha on 3rd August 2016. GST bill was assented by President on 8th September 2016

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