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GST: Modi implemented what Rajiv began!
By: Tupaki Desk | 1 July 2017 8:07 AM GMT
The idea of avoiding multiple taxes on goods was taken seriously for the first time during Rajiv Gandhi's regime in the 80s. In 1986-87, Then Finance Minister Vishwanath Pratap Singh introduced Modified Value Added Tax (MODVAT) which exempted duty paid on raw materials and pre-sale purchases. This was the major indirect tax reform!
During PV Narasimha Rao's regime in 1994-95, Then Finance Minister Manmohan Singh introduced Service Tax to reduce burden on core business, trade and industry.
Atal Bihari Vajpayee set up GST Panel in 2000 after holding consultations with three former RBI Governors. West Bengal Finance Minister Asim Dasgupta was appointed as the head of the committee and the work on new indirect tax began that way.
In 2006, Manmohan Singh's regime introduced Value Added Tax (VAT). During budget 2006-07 presentation, Then Finance Minister Chidambaram declared GST roll out is going to be from April, 2010. However, The deadline was missed by 7 years.
In 2011, Then Finance Minister Pranab Mukherjee introduced Constitution Amendment Bill (115th) on GST in Parliament. BJP opposed the GST Law. Even the Bill got lapsed with the dissolution of Lok Sabha in 2014.
Finance Minister Arun Jaitley introduced revised GST Amendment Bill in 2015 and Lok Sabha passed it. However, Two Amendments were made to the Act after moving it in Rajya Sabha. At last, Parliament cleared the Bill in August 2016. And Today (July 1st, 2017), It's been rolled out!
During PV Narasimha Rao's regime in 1994-95, Then Finance Minister Manmohan Singh introduced Service Tax to reduce burden on core business, trade and industry.
Atal Bihari Vajpayee set up GST Panel in 2000 after holding consultations with three former RBI Governors. West Bengal Finance Minister Asim Dasgupta was appointed as the head of the committee and the work on new indirect tax began that way.
In 2006, Manmohan Singh's regime introduced Value Added Tax (VAT). During budget 2006-07 presentation, Then Finance Minister Chidambaram declared GST roll out is going to be from April, 2010. However, The deadline was missed by 7 years.
In 2011, Then Finance Minister Pranab Mukherjee introduced Constitution Amendment Bill (115th) on GST in Parliament. BJP opposed the GST Law. Even the Bill got lapsed with the dissolution of Lok Sabha in 2014.
Finance Minister Arun Jaitley introduced revised GST Amendment Bill in 2015 and Lok Sabha passed it. However, Two Amendments were made to the Act after moving it in Rajya Sabha. At last, Parliament cleared the Bill in August 2016. And Today (July 1st, 2017), It's been rolled out!
