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GST-Part A-First Discussion Paper
February, 05th 2015

GST……Goods and Services Tax

Part-A

First Discussion Paper on GST

  • GST comes in picture when in Central Budget 2007-08, Union Finance Minister made an announcement that GST will be introduced from 1st April, 2008.
  • The task given to Empowered Committee of State Finance Ministers to make a road map for GST in consultation with Central Government.
  • The Empowered Committee decided to setup a Joint Working Group in May, 2007.
  • The Joint Working Group submits its report on GST in Nov.2007.
  • The report submitted by Joint Working Group was discussed in detail and a final version of the views on GST of Empowered Committee was sent to the Government of India in April, 2008.
  • The comments of Government of India on the same is received and duly considered by Empowered Committee in Dec.2008.
  • A Committee was formed to consider the comments of Government of India.
  • The Committee submitted its views on the same and was accepted in principle by the Empowered Committee in Jan, 2009.
  • A Working Group was formed to submit their recommendations in detail on the structure of GST in close association with the Government of India.
  • A discussion was made in between Union Finance Minister and the Empowered Committee on compensation for loss of the states on account of phasing out of CST in Oct.2009.
  • The Empowered Committee after taking recommendations of Working group and other related matters, presents a detailed view on structure of GST finally.
  • This detailed view on structure of GST was presented in the form of First Discussion Paper in Nov. 2009.
  • The First Discussion Paper has four segments.
  • First Segment explains a brief reference to the process of introduction of VAT and also areas where needs improvements
  • Second Segment explains the process of preparation for GST.
  • Third Segment explains in detail the comprehensive structure of the GST model.
  • Fourth Segment has FAQ on GST.
 
 
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