GST Ready India

GST Ready India’s Latest News and Updates

Is BJP responsible for the 16 years long wait to bring the GST in India

Apr 07, 2017

One hot topic discussed these days in the corridors of Lutyen’s bungalows as well as Lalaji ki chai ki dukaan is a new shiny three letter acronym in the Indian financial discourse: GST. This acronym heralds many changes, promises new beginnings and assures a more transparent way of collecting the taxes.

The government – headed by Prime Minister Narendra Modi, and Arun Jaitley heading the Finance Ministry – is marshalling all its wherewithal to push through the myriad mazes of Indian political establishment as well as tackle the bureaucratic quagmire to get a semblance of a uniform code for taxation across the country, respecting the federal disparities and at the same time keeping similar structures across all states and union territories.

And like all major reforms, and all incumbent governments – the discussion about GST spans political, financial, social, academic and personal domains and takes form of propaganda, conspiracy theories, old-wives tales as well as Whatsapp-forwarded wisdoms.

So, in this post today, we’ll try to have an objective view of the actual timeline of events leading towards the GST implementation in India, and also will try to debunk theories like BJP is behind the reforms that Congress government can never bring about, and BJP was actually blocking GST all the time so that Congress does not take any credit for it.

Because, timelines and actual event dates are sometimes the only way to keep newsroom, drawing room, dukaan, and whatsapp discussions sane and to the point, and not turn into a cacophony of opinions.

Congress and BJP on GST – Past News

  • Congress’ Gift To The Wealthy, A GST Tax “Holiday” In 2010 — Act Before The New Year!
    The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010, P.L. 111-312 (2010 Tax Act), which President Obama signed into law on December 17, 2010, made significant changes to wealth transfer taxes.Of special importance is a generation-skipping transfer tax loophole that Congress is allowing, but only for the remaining days in 2010. Click to read more
  • BJP-ruled states oppose implementation of GST
    Some BJP-ruled states expressed doubts over the implementation of goods and services tax (GST) from April as they are strongly opposed to the provision in the draft constitutional amendment bill that gives the Centre a veto power on the states’ taxation issues. Click to read more
  • Government wants a single tax slab under GST
    The Union government wants a single tax slab under the proposed goods and services tax (GST) regime, according to a paper published on the finance ministry’s website on Monday. It also wants alcohol, petroleum, natural gas and electricity to be brought into its tax base. The ministry’s paper contains a list of comments on the proposals unveiled by the states in their November blueprint. Click to read more
  • Finance Minister P Chidambaram’s Budget speech
    In November 2006, the UPA Government crossed the midpoint of its term of office. A midterm report card can now be presented. There are many pluses and a few minuses, and I shall deal with both candidly. The biggest plus is that the growth rate of GDP has improved from 7.5 per cent in 2004-05 to 9 per cent (Quick Estimate) in 2005-06 and, according to Advance Estimate, to 9.2 per cent in 2006-07. The average growth rate in the three years of the UPA Government is, therefore, 8.6 per cent. Thanks to this impressive performance, despite the poor start in 2002-03, the growth target set for the Tenth Plan of 8 per cent will be nearly achieved. Click to read more
  • BJP continues opposing govt’s GST compromise proposal
    The roll out of Goods and Services Tax from the scheduled date of April 1, 2011 has hit a political roadblock, as BJP-ruled states along with some others continue to oppose the draft of constitutional amendment bill. DMK-ruled Tamil Nadu and BSP- administered Uttar Pradesh also opposed the draft. Click to read more
  • States express reservation over GST
    The prospects of the proposed roll-out of the Goods and Services Tax (GST) from April 1, 2011 on Saturday appeared remote with the Chief Ministers of various States expressing misgivings on the mode of implementation of the new indirect tax regime, despite the Centre’s assurances to allay their apprehensions. Click to read more
  • The gist of GST
    India is preparing for a big change in the regime of domestic indirect taxes through the introduction of a Goods and Services Tax. This regime shift is expected to replace a plethora of taxes for the Central government and all the state governments. Therefore it is only to be expected that every agent in the economy — governments, planners and policy makers ,average taxpayers as well as academics, would have their own take on the dream model for this tax. Click to read more
  • The interesting story behind how GST evolved
    It is India’s most radical tax reform. The Goods & Service Tax (GST), expected to be launched next year, will replace around 16 taxes, including central excise and service tax as well as state levies like value-added tax (VAT), stamp duty and entry tax. It has the potential to increase the country’s GDP by $500 billion and exports by up to 15 per cent. Click to read more

Reference and Further reading: https://qz.com/478650/indias-16-year-wait-for-the-mother-of-all-tax-reforms-the-goods-and-services-tax/

Tags: BJP, Congress, GST Bill, GST Council, GST History, GST Implementation, GST India, GST Law, GST News, Impact of GST

%d bloggers like this: