In the year 2014, the National Democratic Alliance (NDA) government regained the regime of the country, under the leadership of Narendra Modi. Post seven months of the government formation,Finance MinisterArunJaitley, introduced the GST bill in the parliament.

The concept of one tax law, GST act was envisioned for the first time in the year 1999. In February 2015, 1st April 2016 was set as the date for implementation of GST. The Lok Sabha bill was passed with majority paving the way for GST implementation. Finally, in spite of the opposition, GST bill was passed in August 2016.

Post approval of the bill, a 21-member committee was formed to look into the implementation of the bill. State and Union Territory bills were passed to implement the new law effective from 1st July 2017. This was with an exception of Jammu and Kashmir.

The GST council representatives met on eight occasions to clarify the rule, and the following pointers were discussed.

  • GST laws
  • Tax rate structure including compensation cess
  • GST rules
  • Tax administration
  • Classification of goods and services into different rate slabs
  • Thresholds
  • Exemptions

Post GST implementation, there are continuous changes that are taking place. One of the changes which recently came into the effect is the enactment of four GST bills on 12th April 2017.

  • Central GST (CGST)
  • Integrated GST (IGST)
  • Union Territory GST (UTGST)
  • Bill to Compensate States

In a short span of time, all union territories have adopted UTGST.

Categories of reverse charge, tax rates, and exemptions have been notified by the government. The second phase of implementation has already started. The government is making sure that the tax rules are adhered to and any deviations to the same are dealt with.

The government has introduced online mediums for registering and filing taxes, thereby making the process easier. The time limits for filing returns have been extended.

Return Existing Due date Revised Due date
GSTR -1 (for registered personsturnover > INR 100 crores) 10th September 2017 3rdOctober 2017
GSTR -1 (for others) 10th September 2017 10th October 2017
GSTR -2 25th September 2017 31 October 2017
GSTR -3 30th September 2017 10th November 2017
GSTR -6 08th September 2017 13th October 2017

 

All the changes brought by the government are appropriately announced and it is made sure that the effected individuals are aware of the same. Frequent modifications are been made to the law to reform the present tax regime of the country.