Gst history

Canada’s hidden Manufacturer’s Sales Tax was replaced by the GST in 1991, and it was a big change for the country.

When the GST was first put in place in Singapore in 1994, it was a big deal.

To replace the Federal Wholesale Tax, the system was put into place in 2000, and it worked well for a while.

The then Prime Minister Atal Bihari Vajpayee proposed the idea of GST in the year 2002.

When Vijay L. Kelkar, an advisor to the finance ministry, led a task force in 2004, they said that the current tax system had a lot of problems that would be fixed by the new GST system

During a meeting with the finance minister in February 2005, P. Chidambaram said that the government’s long-term goal was to set up a single tax system for all of the country’s businesses

The idea of moving towards GST was first mooted by the then Union Finance Minister in his Budget speech for 2006-07.

This spelt out features of the proposed GST and has formed the basis for discussion between the Centre and the States so far. Based on discussions within and between it and the Central Government, the EC released its First Discussion Paper (FDP) on the GST in November, 2009.

There was a meeting in June 2012, and they started talking about the Bill.

In February 2013, the finance minister said that the government would pay out ₹9,000 million in compensation to the states.

On 19th December 2014, the NDA government presented the Constitutional (122nd Amendment) Bill 2014 on GST in Parliament.

The constitution Amendment Bill was passed by the Lok Sabha in May, 2015.

The Bill with certain amendments was finally passed in the Rajya Sabha and thereafter by the Lok Sabha in August, 2016.

It is now known as the Goods and Services Tax Act, 2017.

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