G GS
Back to Discover Other · English

Goods & service tax

The Goods and Services Tax (GST) is a comprehensive, multi-stage, destination-based tax that is levied on every value addition. It was introduced to replace multiple indirect taxes levied by the central and state governments in various countries. The GST aims to streamline the tax structure, making it simpler and more efficient, while eliminating the cascading effect of taxes on the cost of goods and services.

Creation Time:2024-06-04 17 key nodes English

The Timeline

1954 — 2024

  1. 1954

    Introduction of GST in France

    France became the first country in the world to implement a Goods and Services Tax (GST) system. This model served as a reference for many other countries in the following decades.
  2. 1991

    GST Proposal in India

    The concept of GST was first proposed in India by the then Finance Minister, Dr. Manmohan Singh, during the economic reforms of 1991. However, it took several years of discussions and planning before it was implemented.
  3. 2000

    Formation of the Empowered Committee in India

    The Indian government set up the Empowered Committee of State Finance Ministers to design and develop the Goods and Services Tax (GST) model suitable for the country.
  4. 2003

    Kelkar Task Force Report

    The Kelkar Task Force on the implementation of the Fiscal Responsibility and Budget Management (FRBM) Act recommended the introduction of GST in India to replace the existing tax regime.
  5. 2006

    GST Announcement in India

    The then Finance Minister of India, P. Chidambaram, announced in his budget speech that GST would be implemented from April 1, 2010.
  6. 2011

    Introduction of the 115th Constitutional Amendment Bill

    The 115th Constitutional Amendment Bill was introduced in the Indian Parliament to facilitate the introduction of GST. However, it lapsed with the dissolution of the 15th Lok Sabha.
  7. 2014

    Introduction of the 122nd Constitutional Amendment Bill

    The 122nd Constitutional Amendment Bill was introduced in the Indian Parliament to pave the way for the implementation of GST. This bill was later passed in 2016.
  8. 2015

    Passing of the GST Bill in Lok Sabha

    The GST Bill was passed in the Lok Sabha, marking a significant step towards the implementation of GST in India.
  9. 2016

    Passing of the GST Bill in Rajya Sabha

    The GST Bill was passed in the Rajya Sabha, and subsequently, the President of India gave his assent to the bill, making it a law.
  10. 2017

    Launch of GST in India

    On July 1, 2017, India officially launched the Goods and Services Tax (GST), replacing multiple indirect taxes with a unified tax system.
  11. 2018

    Introduction of e-Way Bill System

    India introduced the e-Way Bill system for the interstate movement of goods to ensure compliance and reduce tax evasion under the GST regime.
  12. 2019

    Implementation of New GST Return System

    The Indian government announced a new GST return system to simplify the filing process and improve compliance. This system was rolled out in phases.
  13. 2020

    GST Compensation Cess Issue

    The Indian government faced challenges in compensating states for revenue losses under GST due to the economic impact of the COVID-19 pandemic. This led to discussions and negotiations between the central and state governments.
  14. 2021

    GST Council Meetings on Rate Rationalization

    The GST Council held several meetings to discuss and rationalize GST rates on various goods and services to address revenue shortfalls and economic challenges.
  15. 2022

    Introduction of e-Invoicing

    India expanded the scope of e-Invoicing under GST to include more businesses, aiming to improve transparency and reduce tax evasion.
  16. 2023

    GST Rate Changes

    The GST Council approved several changes in GST rates for various goods and services to address economic conditions and revenue needs.
  17. 2024

    Further Simplification of GST Compliance

    The Indian government introduced further measures to simplify GST compliance, including enhanced digital tools and streamlined return filing processes.

Regeneration always requests fresh AI content and uses 1 query.

Download History Timeline

Related reading

Constantinople History Timeline and Biographies Other · English 11 nodes

Constantinople

Constantinople, a city of immense historical significance, served as a bridge between cultures and empires.

11 nodes English
World War II History Timeline and Biographies Event · English 11 nodes

World War II

A comprehensive overview of World War II, detailing key events from 1939 to 1945 that shaped the modern world.

11 nodes English
Modernism History Timeline and Biographies Event · English 10 nodes

Modernism

Modernism revolutionized art, literature, and architecture in the late 19th to mid-20th centuries.

10 nodes English