GST and its Benefits
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February 28, 2006- Budget 2006-07 - FM proposes introduction of GST from 1 April 2010.
March 20, 2007 -Phasing out of CST began from April 2007 with the reduction in CST rate from 4% to 3% May, 2007 - Committee of State Finance Ministers constituted Joint Working Group in May, 2007
December 17, 2008- EC finalised its views on broad GST structure - consensus on Dual GST (Central and State GST)
November 10, 2009- First Discussion Paper on GST was released by EC
December 31, 2009 -The 13th Finance Commission released its Report on GST in December, 2009
March 23, 2011- Constitution Amendment Bill to enable roll out of GST was tabled in Parliament
November 18, 2013- EC rejected Central Government's proposal to include Petroleum products under GST
December 19, 2014- Revised Constitution Amendment Bill tabled in Parliament
May 7, 2015- Passage of Constitutional Amendment Bill on GST in Lok Sabha
Oct 23, 2015 - The Joint Committee constituted by Empowered release its business process reports on GST related to payment, registration, refund in public domain for comments
June 14, 2016- Model draft law released in public domain
August 3, 2016- Passage of Constitutional Amendment Bill on GST in Rajya Sabha.
September 22, 2016 First Meeting of GST Council held.
November 3, 2016-GST rates decided. The four slabs has been set at 5%, 12%, 18% and 28%.
November 8, 2016 -GST portal was made live for migration of existing tax payers.
November 26, 2016- Revised Draft Model GST Law ,Draft IGST Law and Compensation Law released.
January 16, 2017- Consensus on dual control
February 18, 2017 - Council cleared the draft laws for compensating the states.
March 4, 2017 – The GST Council cleared the crucial CGST and IGST Bills
March 16, 2017 - The GST Council cleared the crucial SGST and UTGST Bills
March 20, 2017 – Union Cabinet approves draft GST Bills
March 29, 2017- Lok Sabha clears four GST related bills.
April 6, 2017- Rajya Sabha okays CGST, IGST, Compensation & UTGST Bills.
May 18, 2017- GST Council finalizes tax rates on goods and services
May 18, 2017 – GST Council clears all nine rules
June 3, 2017- GST Council clears rules, states agree to July 1 rollout
June 11, 2017- GST Council reduces rates of 66 items.
June 18, 2017 - Council Approves Anti- Profiteering mechanism.
July 1, 2017- With GST , India takes a leap towards ‘one nation one tax’
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What is GST ?
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