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GST’s 17-year drum coaster float to consummate midnight tonight

NEW DELHI: After 17 scattered years, a national Goods and Services Tax (GST) will rollout from midnight tonight, overhauling India’s involved surreptitious taxation complement and unifying a $2 trillion economy with 1.3 billion people into a singular market.

GST, that will reinstate some-more than a dozen executive and state levies like factory-gate, dig duty, use taxation and internal sales taxation or VAT, is India’s biggest taxation remodel in a 70 years of autonomy and will assistance modernize Asia’s third largest economy.

Here is a demeanour during a timelines that made ‘one nation, one tax’ system:

*
February 1986:
Finance Minister Vishwanath Pratap Singh proposes a vital renovate of a dig taxation structure in a check for 1986-87.

*
2000:
Prime Minister Atal Bihari Vajpyee introduces a concept, sets adult a cabinet headed by a afterwards West Bengal Finance Minister Asim Dasgupta to pattern a GST model.

*
2003:
The Vajpayee supervision forms a charge force underneath Vijay Kelkar to suggest taxation reforms.

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2004:
Vijay Kelkar, afterwards confidant to a Finance Ministry, recommends GST to reinstate a existent taxation regime.

*
February 28, 2006:
GST appears in a Budget discuss for a initial time; Finance Minister P Chidambaram sets an desirous Apr 1, 2010 as deadline for GST implementation. He says a Empowered Committee of financial ministers will prepared a highway map for GST.

*
2008:
Empowered Committee of State Finance Ministers constituted.

*
April 30, 2008:
The Empowered Committee submits a news patrician ‘A Model and Roadmap Goods and Services Tax (GST) in India’ to a government

*
November 10, 2009:
Empowered Committee submits a contention paper in a open domain on GST welcoming debate.

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

* BJP opposes GST simple structure.

*
February 2010:
Finance Ministry starts mission-mode computerisation of blurb taxes in states, to lay a substructure for GST rollout.

* Pranab Mukherjee defers GST to Apr 1, 2011.

*
March 22, 2011:
UPA-II tables 115th Constitution Amendment Bill in a Lok Sabha for bringing GST.

*
March 29, 2011:
GST Bill referred to Parliamentary Standing Committee on Finance led by Yashwant Sinha.

* Asim Dasgupta resigns, transposed by a afterwards Kerala Finance Minister KM Mani.

*
November 2012:
Finance Minister P Chidambaram binds meetings with state financial ministers; decides to solve all issues by Dec 31, 2012 for GST rollout.

*
February 2013:
Declaring UPA government’s solve to introducing GST, Chidambaram in his Budget discuss creates sustenance for Rs 9,000 crore to recompense states for waste incurred since of GST.

*
August 2013:
Parliamentary station cabinet submits news to Parliament suggesting improvements on GST. GST Bill gets prepared for introduction in Parliament.

*
October 2013:
Gujarat Chief Minister Narnedra Modi opposes GST Bill observant state would catch waste value Rs 14,000 crore each year due to GST.

*
2014:
GST Bill privileged by Standing Committee lapses as Lok Sabha dissolves; BJP-led NDA supervision comes to power.

*
December 18, 2014:
Cabinet approves 122nd Constitution Amendment Bill to GST.

*
December 19, 2014:
Finance Minister Arun Jaitley introduces a Constitution (122nd) Amendment Bill in a Lok Sabha; Congress objects.

*
February 2015:
Jaitley sets Apr 1, 2016 as deadline for GST rollout.

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

*
May 12, 2015:
The Amendment Bill presented in a Rajya Sabha.

* Congress final a Bill be sent to Select Committee of Rajya Sabha; final capping GST rate during 18 per cent.

*
May 14, 2015:
The GST Bill forwarded to corner cabinet of Rajya Sabha and Lok Sabha.

*
August 2015:
Government fails to win a support of Opposition to pass a check in a Rajya Sabha where it lacks sufficient number.

*
July 2016:
Centre opposes capping GST rate during 18%; gets states around.

*
August 2016:
Congress, BJP determine to pass a Constitution Amendment Bill.

*
August 3, 2016:
Rajya Sabha passes a Constitution Amendment Bill by two-thirds majority.

*
September 2, 2016:
16 states sanction GST Bill; President Pranab Mukherjee gives recognition to a Bill.

*
September 12:
Union Cabinet clears arrangement of GST Council

*
September 22-23:
Council meets for initial time.

*
November 3:
GST Council agrees on 4 chunk taxation structure of 5, 12, 18 and 28% along with an additional cess on oppulance and impiety goods.

*
January 16, 2017:
Jaitley announces Jul 1 as GST rollout deadline. Centre, states determine on quarrelsome emanate of twin control and fatiguing rights on products during high sea.

*
February 18:
GST Council finalises breeze remuneration check providing to make good any income detriment to states in initial 5 years of GST rollout.

*
March 4:
GST Council approves CGST and Integrated-GST bills.

*
March 20:
Cabinet authorized CGST, IGST and UT GST and Compensation bills.

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March 27:
Jaitley tables CGST, IGST, UT GST and Compensation bills in Parliament. Lok Sabha and Rajya Sabha pass all a 4 pivotal GST Bills – Central GST (CGST), Integrated GST (IGST), State GST (SGST) and Union Territory GST (UTGST).

*
May 18:
GST Council fits over 1,200 products in one of a 4 taxation slabs of 5, 12, 18 and 28%. Over 80% of products of mass expenditure possibly exempted or taxed underneath 5% slab.

* GST Council fixes cess on oppulance and impiety products to emanate pool for compensating states.

*
May 19:
GST Council decides on 5, 12, 18 and 28% as use taxation slabs.

*
Jun 21:
All states solely Jammu and Kashmir pass SGST law.

*
June 28:
Mamata Banerjee announces her party’s preference to skip midnight launch of GST.

*
June 29:
Congress, Left too confirm to skip launch.

*
June 30:
Midnight: GST set to rollout.

Article source: http://timesofindia.indiatimes.com/business/india-business/gsts-17-year-roller-coaster-ride-to-climax-midnight-tonight/articleshow/59386299.cms

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