GST's roller coaster ride

GST's roller coaster ride
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* Feb 1986: Finance Minister VP Singh proposes excise tax reform

* 2000: Prime Minister Atal Bihari Vajpayee introduces the concept

* 2003: The Vajpayee Govt forms a task force for tax reforms

* 2004: Vijay Kelkar recommends GST to replace the tax regime

* Feb 2006: GST appears in the Budget speech for the first time

* 2009: Finance Minister Pranab Mukherjee announces basic structure of GST as designed by Dasgupta committee; retains 2010 deadline

* 2009: BJP opposes GST basic structure

* Feb 2010: Pranab Mukherjee defers GST to April 1, 2011.

* March 22, 2011: UPA-II tables Bill in the lS for bringing GST

* Feb 2013: Declaring UPA Government’s resolve to introducing GST, Chidambaram makes provision for Rs 9,000 cr to compensate States

* Oct 2013: Gujarat Chief Minister Narendra Modi opposes GST Bill saying State would incur Rs 14,000 crore loss every year due to GST

* 2014: GST Bill lapses as lok Sabha dissolves; BJP comes to power

* Dec 19, 2014: Finance Minister Arun Jaitley introduces the Constitution (122nd) Amendment Bill for GST; Congress objects

* Feb 2015: Jaitley sets April 1, 2016 as deadline for GST rollout

* May 6, 2015: lok Sabha passes GST Constitutional Amendment Bill

* Aug 2015: Govt fails to win the support of Opp to pass the Bill in RS

* July 2016: Govt opposes capping GST at 18%, gets states around

* Aug 2016: Cong, BJP agree to pass the Constitution Amendment Bill

* Aug 3, 2016: Rajya Sabha passes the Constitution Amendment Bill

* September 2, 2016: 16 States ratify GST Bill

* November 3: GST Council agrees on four slab tax structure of 5, 12, 18 and 28% along with an additional cess on luxury and sin goods

Daily Pioneer
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