GST Timeline

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  • NOV

    2017

  • Change in deadline to file GST returns for composition scheme.

    The new deadline for GST returns for the composition scheme have been released by the GST council. The GSTR-1 for taxpayers with aggregate turnover less than Rs.1.5 crores, for July to September should be filed on or before 31st December. Similarly the GSTR-1 for taxpayers with aggregate turnover more than Rs. 1.5 crores, for July to October should be filed on or before 31st December.
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    Change in GST rates for composition scheme.

    Uniform GST rate of 1% will be charged for Manufacture and Traders.
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    Change in the requirements for taxpayers under the Composition scheme.

    Composition scheme will be available for taxpayers with annual turnover of upto Rs. 2 crores.
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    Change in GST rates for restaurants.

    Restaurants to be charged GST rates of 5% without ITC benefits.
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    Exemption in GST for certain import goods.

    GST has been exempted for import of lifesaving medicines and imports of goods under lease agreement.
    Learn more...

 

  • OCT

    2017

  • Change in deadline to file GSTR-2 and GSTR-3 for July.

    The new deadline for GSTR-2 filing for July is the 31st of October, and GSTR-3 filing for July is the 11th of December.
    Learn more...

    Late fee for GSTR-3B for August and September have been waived.

    The late fee for GSTR-3B for the month of August and September have been waived.
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    Change in the deadlines to file GSTR-1 for July.

    The deadline to file GSTR-1 for the month of July has been extended to 10th October 2017.
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    Relief from paying GST on advances for turnover less than 1.5 crores.

    Businesses with annual turnover less than Rs.1.5 crores have been relieved from paying GST on advance payments.
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    Change in the registration requirements for inter-state businesses.

    Inter-state businesses have been relieved from registering to GST, if their annual turnover is less than 20 lakhs.
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    Change in the requirements for taxpayers under the Composition scheme.

    The Composition scheme will now be available for taxpayers with annual turnover of upto Rs.1 crores, and special categories upto Rs.75 lakhs.
    Learn more...

    Change in the documents required to facilitate exports under GST.

    Exporters are now relieved from providing Bonds or Bank guarantees when they clear goods for export.
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    Important announcement regarding refund of IGST for exports.

    The held-up refund of IGST for exports will be paid with immediate effect.
    Learn more...

 

  • SEPT

    2017

  • Change in the documents required to facilitate exports under GST.

    A Letter of UnderTaking can be submitted in place of bond (or both) to facilitate exports under GST. No Bank guarantee is required.
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    Change in the deadlines to file GSTR-1, GSTR-2 and GSTR-3 for July.

    The new deadline for GSTR-1 filing for July is the 5th of September, GSTR-2 filing for July is the 10th of September and for GSTR-3 filing for July is 15th September.
    Learn more...

    Late fee for GSTR-3B is waived.

    The late fee for taxpayers who couldn't file GSTR-3B for the month of July, has been waived. However, they will have to pay interest on the late payment of tax liability.
    Learn more...

 

  • JUL

    2017

  • GST on Gifts.

    Accourding to a press release on July 10 2017, no GST will be applicable on employee gifts if the amount is less than Rs.50000/-, but an appropriate GST will be applied on gifts if the amount is more than Rs.50000/-.
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    Jammu & Kashmir joins GST.

    On the 6th of July 2017, Jammu & Kashmir adopted the GST regime with the consent of the President of India.
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  • MAY

    2017

  • UP cabinet approves implementation of GST

    The UP government approved the implementation of GST and announced that the same will be passed in the Assembly on May 15, 2017.

    Retailers request two month extension window for GST compliance

    Businesses seek extension of the deadline for GST compliance, so that they have enough time to integrate and assimilate GST provisions.

 

  • APR

    2017

  • Two rates for services under GST

    The government is likely to cap the tax rates for services to 12% and 18%. Learn more.
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    GST rules emphasize detailed paperwork

    The recently released GST draft rules do not allow deletion or overwriting of entries in records maintained for GST purposes.
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    Each SEZ requires a seperate GST registration

    The draft registration rules state that SEZ units or SEZ developers should be registered as a business vertical under the GST law, distinct from their other units outside the SEZ zone.
    Learn more...

 

  • MAR

    2017

  • GST council gives its nod for all the laws

    The GST council cleared drafts of two important supplementary registrations - the State GST bill and the Union Territory GST bill - clearing the decks for the nationwide rollout of GST on July 1.
    Learn more...

 

  • FEB

    2017

  • Delhi Government extends deadline for registering on GST portal

    The state government extends the deadline for registration on the GST portal to March 15, 2017. The earlier deadline was December 31.

 

  • NOV

    2016

  • GST portal has become live

    The registration schedule for existing tax payers has been released and the registration windows for 8 states and union territories have opened.
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    Four Tier GST Tax Structure Finalized

    The GST council finalized the four tier tax structure. The new structure contains: a lower rate (5%), two standard rates (12% and 18%) and a higher rate (28%). An additional cess will be applied on demerit goods such as tobacco, pan, aerated drinks, etc.

 

  • OCT

    2016

  • Madhya Pradesh to serve as the country's supply hub

    The Finance Minister, Arun Jaitley, announces that centrally-located Madhya Pradesh will be the distribution centre for the country, in order to facilitate free flow of goods and services throughout India.

 

  • SEPT

    2016

  • The GST bill gets the presidential assent

    The President of India, Pranab Mukherjee, gives his formal agreement to the GST constitutional amendment bill.

    16 States ratify the GST bill

    The GST bill is ratified by 16 states, which constitutes 50% of the state assemblies -- the minimum percentage of state ratification needed for a constitutional amendment to be brought into effect.
    Learn more...

 

  • AUG

    2016

  • The GST Bill is passed in Rajya Sabha

    The GST constitutional amendment bill is passed in Rajya Sabha by a two-third majority. The GST will be a single tax that will subsume all indirect taxes, including service tax and excise tax, and will be levied by both central and state governments on consumption.

    The GST bill is introduced in Rajya Sabha

    The amendment bill fails to receive two-third majority votes-- the minimum number of votes for a bill to be passed in Rajya Sabha. The bill is forwarded for approval to a joint committee that will consists of members from Rajya Sabha and Lok Sabha.

 

  • MAY

    2015

  • Lok Sabha passes the GST bill

    The Lok Sabha passes the GST amendment bill with 352 votes.

 

  • DEC

    2014

  • The GST bill was reintroduced to the Lok Sabha

    BJP, the ruling party's Finance Minister, Arun Jaitley, introduces GST in the Parliament. Congress, the opposing party, insists that the bill should be sent for review by the Standing Committee again.

 

  • AUG

    2013

  • Standing committee suggests amendments to the bill

    After examining the GST bill, the standing committee submits its findings to the Parliament. The parliamentary panel approves the bill while recommending changes to the provision of tax structure and dispute resolution mechanism. The bill later lapses due to the dissolution of the 15th Lok Sabha.

 

  • FEB

    2013

  • Budget committee provides 9,000-crore CST compensation to make way for the GST

    Since GST is expected to replace CST, the finance minister announces that a 9,000-crore compensation will be provided to the states in order to make up for the CST revenue loss.
    Learn more...

 

  • NOV

    2012

  • Finance Ministers set deadline to resolve problems related to the transition to GST

    The State Finance Ministers and Union Finance Ministers announce that they will resolve problems that may arise during the transition to GST by December 31, 2012.
    Learn more...

 

  • MAR

    2011

  • Congress introduces the GST bill in Lok Sabha

    The constitution amendment bill to implement GST is presented by Congress, the ruling party. The opposition party protests. The bill is passed on to the Standing Committee which will verify and examine the bill.

 

  • FEB

    2010

  • Project launched to computerize commercial taxes

    The Finance Minister, Pranab Mukherjee, postpones the GST deadline to April 1, 2011. The government sets up a Mission-mode Project to computerize commercial taxes that will serve as the foundation for GST. The budget for this project is set at 1,133 crores.

 

  • NOV

    2009

  • The GST discussion paper is published online

    The Empowered Committee, headed by Asim Dasgupta, publishes the first discussion paper on GST online to encourage discussions with stakeholders.

 

  • FEB

    2006

  • The first deadline for implementing GST is set

    The Finance Minister, P. Chidambaram, sets April 1, 2010 as the deadline for implementing the GST in India. Since the proposed GST would combine service tax and excise tax, he increases the service tax from 10% to 12%.
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  • 2004

  • The need for a comprehensive GST is highlighted

    The Kelkar Task Force, a tax reform commission chaired by Vijay L. Kelkar, identifies the problems in the current tax structure. The Task Force recommends a comprehensive GST that will replace the existing indirect tax system with a simple, transparent, and efficient system.
    Learn more...

 

  • 2000

  • GST discussions begin and the Empowered Committee for GST is set up

    The Prime Minister of India, Atal Bihari Vajpayee, opens the discussion on the Goods and Services Tax (GST). He appoints Asim Dasgupta, the Finance Minister of West Bengal, to head the Empowered Committee, which will focus on creating a GST model and implement the required logistics and technology.

Source:

  • The Department of Revenue website - www.dor.gov.in
  • The Empowered Committee of State Finance Minister website- www.empcom.gov.in
  • Business Standard, Online business news provider- www.business-standard.com
  • The Hindu, daily newspaper- www.thehindu.com/
  • The Times of India, daily newspaper- www.timesofindia.indiatimes.com.com/
  • The Hindu Business Line, Financial Daily - www.thehindubusinessline.com
  • The Indian Express, daily newspaper - www.indianexpress.com
  • Business Today, Business news - www.businesstoday.in/
  • The Deccan Chronicle, daily newspaper - www.deccanchronicle.com
  • The Wire, digital news portal- www.thewire.in/
       
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