Chapter 9. GST in India – Story so far
In 2006, A proposal to GST was first introduced in April 1, 2006, which was first initiated in Budget Speech for Financial Year 2006-2007.
In 2007, in the month of May, Empowered Committee of State Finance Ministers started work on roadmap of GST and further in Nov. 2007, first report to the Committee was submitted by Working Group.
In 2008, Committee finalised its first report and submitted by name: “ A MODEL AND ROADMAP FOR GOODS AND SERVICES TAX IN INDIA”
In 2009, Empowered Committee releases it first paper discussion in Nov. 2009.
In 2010, Finance Minister, mention in his speech to introduce GST from April 2011.
In 2013, month of August, full report on GST was submitted by Standing Committee and in Nov. 2013, there was a rejection in Government Proposal by Empowered Committee for including Petroleum Products.
In 2014, by the end of Dec., the Constitution 122th Amendment Bill was passed in Lok Sabha to levy GST, which enables the introduction of GST.
Finally, on 3rd August,2016, the Constitution 122nd Amendment Bill passed by Rajya Sabha and it will be applicable from April 2017.