On 1st of July 2017, the government made a pragmatic shift to what it deemed as an advance, transparent and, automated indirect tax system intended to facelift the competitive edge of India’s $2.3-trillion economy. The tax system, which promises to unify the nation, on economic front, is completing its tenure of 100 days, on 8th of Oct 2017.
Mentioned below is a timeline, depicting GST’s journey so far –
July 1 – Announcement made by Prime Minister Narendra Modi and, Former President Pranab Mukherjee, regarding the roll out of GST. 10% basic customs duty imposed on imported cell phones.
First day of GST witnesses a dramatic slowdown in sales of cars and refrigerators.
July 7 – Pasting of stickers, with revised prices, on pre-GST stock will not be considered as a breach of rules. Consumer affairs minister, Ram Vilas Paswan, allows revised stickers till September 30.
July 8 – Former President, Pranab Mukherjee, propagates GST to Jammu and, Kashmir. Airlines spared from levy of dual GST, on leased aircraft.
July 10 – Government clarifies that benefits to staff by employers as part of employment contract, occasional gifts up to Rs 50,000 are not subject to GST.
July 11 – Finance ministry elucidates that GST will not be levied in free food, supplied by religious institutions.
July 15 – CBEC clarifies that services provided by lawyers, and law firms, will remain under the purview of ‘reverse charge’
August 5 – GST Council reduces tax rates on few services.
August 31 – Finance Minister Arun Jaitley indicates that the number of GST slabs might be lowered, in the near future.
September 1 – Late fee for July tax returns waived off! In addition, PM Modi proposes GST registration for small taxpayers.
September 3 – President Ram Nath Kovind promulgates ordinance, allowing an increase in the cess, levied on motor vehicles, from 15% to 25%.
September 4 – Filing of GSTR: 1 and 2, extended till October.
September 26 – GST receipts for August exceeds Rs 90,669 Crore, 3.6% less than July collections.
September 29 – Businesses allowed to sell pre-GST goods, till December 31st 2017, with revised price stickers.
October 6 – GST Council to meet in New Delhi to review compliance, transition issues.
October 8 – GST to complete 100 days.