Who’s the real man behind India’s biggest tax reform GST?
India’s mega tax reform, Goods & Services Tax (GST), is set to be in force from 1st July 2017.
It’s a national tax mechanism throughout India which is replacing taxes levied by the central and state governments.
Here are some facts you should know about GST
GST is introduced as the Constitution (One Hundred and Twenty Second Amendment) Act 2017, following the passage of Constitution 122nd Amendment Bill.
GST is governed by GST Council; its Chairman is Finance Minister of India.
Under GST, goods and services will be taxed at the following rates, 0%, 5%, 12%, 18%, 28%.
Who is the man behind GST?
Former Indian Prime Minister and BJP leader Atal Bihari Vajpayee was the man who introduced the concept of GST in 1999, when he was ruling the country
In 2000, Vajpayee set up an empowered committee under the leadership of Asim Dasgupta to develop the basic structure of GST
Asim Dasgupta was then the finance minister of Communist-ruled West Bengal
Dasgupta was the man who drafted the primary form of GST
Vajpayee lost power in 2004
The new government under Manmohan Singh thought it as a fantastic reform
P Chidambaram, Manmohan Singh’s finance minister, formally introduced the idea of GST in his budget speech on February 28, 2006. He had set the deadline of April 1, 2010
The present form of GST Bill was introduced in Lok Sabha on December 19, 2014
Lok Sabha passed the GST Bill on MAY 6, 2015
Rajya Sabha approved the GST Bill on August 3, 2016.