GST: 11 years, three governments, three FMs

The GST Council will likely approve the tax rates on services and all categories of goods by evening today.

GST promises to stitch together a common national market by replacing a string of central and local levies such as excise, value added tax, octroi, service tax.

The government plans to introduce GST from July 1, 2017, more than 11 years after a formal process to introduce it began.

Here’s a look back at how GST, independent India’s biggest reform initiative, has reached the final leg:

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2006 - FM P Chidambaram moots GST in the Budget Speech for 2006-07

2008 - Empowered Committee of State Finance Ministers (EC) engaged

2009 - EC releases its First Discussion Paper

2011 - FM Pranab Mukherjee introduces Constitution Amendment Bill on GST in Lok Sabha

2013, Aug - Parliamentary Standing Committee submits report on GST; recommendations incorporated in the Bill

2013, Sep - Revised Bill sent to EC for consideration

2014, Mar - Another revised Bill drafted incorporating recommendations of EC

2014, Dec - FM Arun Jaitley introduces Constitution Amendment Bill for GST in Lok Sabha

2015, May - LS Passes Constitution Amendment Bill for GST

2015, Aug - Congress insists on capping GST rate at 18%; opposes 1 percent “entry” tax to protect manufacturing states as it distorts the system

2016, July - Centre and states agree against capping GST rate in the Constitution amendment Bill

2016, Aug - Parliament passes 122nd Constitution Amendment Bill for GST; clause on entry tax dropped; states assured of full compensation for potential revenue loss upto five years

2016, Oct 18 - GST Council decides on a compensation formula for states for revenue loss

2016, Oct 26 - FM Arun Jaitley writes blog favouring four-tiered GST tax structure

2016, Nov 03 - GST Council agrees on a four-slab structure –5, 12, 18 and 28 percent—along with a cess on luxury and `sin’ goods such as tobacco

2016, Nov 04 - GST council meeting inconclusive as Centre, states fail to agree on GST administrative issue on “dual control”

2016, Nov 12 - GST council fails to agree on CGST and SGST laws

2016, Dec 23 - Agreement on two laws in GST council meeting, but “dual control” remains a thorny issue

2017, Jan 03 - States want compensation corpus raised from Rs 55,000 crore to Rs 90,000 crore to soothe demonetisation pain; new roadblocks surface on taxation rights of goods transported through territorial waters

2017, Jan 04 - No breakthrough in GST Council meeting, hopes hinge on Jan 16 meeting to break impasse; roll-out date pushed till July 1

2017, Jan 16 - Centre and states agree on two thorny issues of “dual control” and taxing rights of goods moved through high seas

2017, Feb 18 - GST Council finalizes draft Compensation Bill

2017, Mar 4 - GST Council approves CGST and IGST) Bills

2017, Mar 16 - GST Council State GST Bill and the UT GST Bills.

2017, Mar 20 - Union Cabinet approves CGST, IGST, UT GST and Compensation Bills

2017, March 27 - FM Arun Jaitley introduces CGST, IGST, UT GST and o

2017, March 29 - Lok Sabha passes five GST bills

2017, March 31 - GST council approves five sets of rules involving registration, payment, refund, invoices and returns

2017, May 18 - GST council meets in Srinagar; approves tax rates for 1211 items; approves another four sets of rules relating to composition, valuation, ITC (input tax credit) and the transition process.