Before its birth, the historical GST tax reform, has given may thrills to the government and the nation as large. We can summarize the major one’s as under
2004- Idea of National GST was first was first mooted by Kelkar Committee.
28.02.2006 – The first announcement for introduction of GST was made in budget speech on 28/02/2006 by the then Finance Minister P. Chidambaram.
10.11.2009 – Task of designing the GST was given to empowered Committee of State Finance Ministers. The first discussion paper was released by Empowered Committee on 10th November, 2009.
March, 2011 – 115th Constitutional Amendment Bill was introduced in March, 2011 in Lok Sabha. The Bill was referred to Parliamentary Committee which had submitted its report in August, 2013. The Bill lapsed on dissolution of Lok Sabha.
In February, 2013, the following GST panel were constituted
- GST Panel 1
(a) Determination of RNR, and
(b) Place of provision of services Rules
- GST Panel 2
(a) GST on Inter-state supplies
(b) GST on imports
- GST Panel 3
(a) Dual Administrative Control
(b) Threshold limits and other exemptions including list of
common exempted items.
In December, 2014, 122nd Constitution Amendment Bill, 2014 was introduced by Shri Arun Jaitley, Finance Minister, Government of India.
On 07.05.2015, 122nd Constitution Amendment Bill, 2011 was passed in Lok Sabha.
On 12.05.2015, the Rajya Sabha, referred the Bill to Select Committee of Rajya Sabha which present its report favoring GST on 22/07/2015
Due to Dissenting notes given by Rajya Sabha Committee, the Constitution Amendment Bill could not be passed in Rajya Sabha till 2016 Budget Session.
Finally, after accepting the some major suggestions by Congress party, Constitutional Amendment Bill has been passed by Rajya Sabha on 03/08/2016 and by Lok Sabha on 08/08/2016.
Article written and submitted by CA Amarpal on behalf of Centrik Business Solutions Pvt Ltd.
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