Five Years of GST: PM Modi lauds tax reform on fifth anniversary; timeline of events

NH Bureau Saturday, 02 July 2022 07:35:01 AM

Five Years of GST: PM Modi lauds tax reform on fifth anniversary; timeline of events (Image: Pixabay)

New Delhi : Prime Minister Narendra Modi lauded GST on marking 5 years and said that the tax reform had helped 'Ease of doing business' and also fulfilled the vision 'One nation, one tax."

Reacting on a tweet by MyGovIndia, the Prime Minister said, "We mark #5YearsofGST, a major tax reform that furthered ‘Ease of Doing Business’ and fulfilled the vision of ‘One Nation, One Tax.’"

Here is a timeline of events that has happened on GST journey

2006: Then Finance Minister P Chidambaram proposes April 2010 as the target date for GST rollout.

2014: After years of delay and discussions, then FM Arun Jaitley tables Constitutional Amendment to GST Bill in Lok Sabha.

2017: GST rolled out finally in July. In November, tax filing was made quarterly with five major rate changes for a number of items.

2018: In December, major rate rationalization across categories ahead of the 2019 Lok Sabha elections.

2019: Aadhaar enabled GST registration was introduced to make the process further simple.

2020: In June, amid coronavirus breakout, many waivers given in filing GST returns.

2021: In light of continued compensation shortfall, it was decided that Centre would borrow Rs 1.58 trillion on behalf of states. GST exemptions were given on many key medical products.