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.
