100 days of GST: From launch to scope of reducing slabs, journey of the tax reform so far
The Goods and Services Tax reform, which holds the promise of economically unifying the nation, is set to complete 100 days on October 8.business Updated: Oct 04, 2017 13:56 IST
On July 1, the government made an ambitious shift to what it promised was a modern, transparent and technology-driven indirect tax system to sharpen the competitive edge of a $2.3-trillion economy. The tax reform, which holds the promise of economically unifying the nation, is set to complete 100 days on October 8.
Here’s a look at the journey so far:
July 1: Prime Minister Narendra Modi and President Pranab Mukherjee launch GST from the Central Hall of Parliament; Government imposes 10% basic customs duty on imported cellphones and certain parts.
First day of GST witnesses blackout in sales of items such as cars and refrigerators.
July 7: Consumer affairs minister Ram Vilas Paswan clarifies that pasting stickers with revised prices on pre-July stock is not a breach of rules; allows revised MRP stickers till September 30.
July 8: Former president Pranab Mukherjee promulgates two ordinances introducing GST in Jammu and Kashmir. The government spares airlines from dual levy of 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 clarifies that GST is not applicable on free food supplied by religious institutions.
July 15: CBEC clarifies that services by lawyers and law firms will continue to be taxed under ‘reverse charge’.
August 5: GST Council lowers tax rates on a few services.
August 31: Finance minister Arun Jaitley indicates the number of GST slabs could be pruned in future
September 1: Modi proposes GST registration for small taxpayers; GST Council waives late fee for July tax returns.
September 3: President Ram Nath Kovind promulgates ordinance enabling increase in GST cess on motor vehicles from 15% to 25%.
September 4: GST Council extends deadline for filing detailed tax returns for July.
September 9: GST Council raises cess on medium sized-to-large cars and sports utility vehicles in the range of 2-7 percentage points.
September 26: GST receipts for August touch Rs 90,669 crore, 3.6% less than July collections.
September 29: Consumer affairs ministry lets businesses to sell pre-GST goods till December 31, 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.
First Published: Oct 04, 2017 11:44 IST