BASIC CONCEPTS OF GST (PART- 11)
By: – Dr. Sanjiv Agarwal
Goods and Services Tax – GST
Dated:- 11-3-2016<\/p>\n
Steps Involved in GST Introduction
\nFollowing steps are needed on political, administrative and technological fronts for smooth implementation of GST:
\n * Constitutional amendments (pending in Parliament (Rajya Sabha); Standing Committee Report submitted; draws opposition from Congress)
\n * Drafting of GST law (process started)
\n * Strong political commitment (looks a distant reality in present political set up).
\n * Arriving at common \/ general consensus on major issues including political agreement (efforts are on through Empowered Committee \/ negotiations )
\n * Setting up a high level committee for monitoring the project of GST (Empowered committee is in place).
\n * Preparing a blueprint\/road map for GST (to be made public)
\n * Creating a conducive environment for GST (slow efforts)
\n * Centre-States coordination (efforts on, onus on Empowered Committee)
\n * Cons<\/p>\n
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\n1991
\nChelliah Committee recommends VAT
\n1999
\nFM announces decision to introduce VAT in India.
\n\tFormation of Empowered Committee on VAT
\n2002
\nTask Force on Indirect Taxes report headed by Kelkar
\nCENVAT introduced on all commodities at central level
\n2003
\nVAT introduced in first Indian State of Haryana
\n2005
\nVAT in 24 States\/UTs including Punjab, Chandigarh, HP, J&K and Delhi.
\n2006
\nVAT implemented in 5 more States including Rajasthan.
\n2007
\nFM announces GST introduction in India from April 01, 2010.
\nParthasarathi Shome submits a study paper on GST.
\nEmpowered Committee of State Finance Ministers constitutes the Joint Working Group.
\nVAT implemented in Tamil Nadu & Puducherry.
\nCentral Sales Tax (CST) phase out starts, CST cut to 3%.
\n\tJoint Working Group set up for proposing GST roadmap and structure.
\n2008
\nVAT introduced in the last Indian State of UP from January 01, 2008.
\nEC finalises its views on a broad GST<\/p>\n
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\nGST sub-committee in the EC proposes a revenue-neutral rate of 26.7%.
\nAlcohol to be kept outside the purview of GST.
\nAll entry taxes proposed to be subsumed under GST, whether collected by States or local bodies.
\nPetroleum and petroleum products to be subsumed in GST, with nominal or zero-rated tax.
\nGST compensation to States pegged at around ₹ 11,000 crore.
\nCentre to provide three year compensation on the revenue loss incurred by States after GST roll-out.
\nDecember : GST Constitutional Amendment Bill moved in Lok Sabha
\n2015
\n06.05.2015
\nLok Sabha passes GST Bill
\n12.05.2015
\nBill on GST not passed by Rajya Sabha ; referred to Select Committee
\n17.06.2015
\nCommittees Constituted to recommend tax rates and to monitor progress of IT preparedness \/ mechanism of GST \/ drafting of rules.
\n22.07.2015
\nSelect Committee of Rajya Sabha tabled its report on GST Bill
\n29.07.2015
\nUnion Cabinet approves Select Committee recommendations
\n11.10.2015
\nDiscussion pape<\/p>\n
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