Govt Likely To Push For Merger Of 12 And 18 Per Cent Slabs In GST Council Meeting In March by Swarajya Staff - Feb 19, 2021 03:13 AM GST is the new unified tax regime in India. Goods & Services Tax Council is a constitutional body for making recommendations to the Union and State Government on issues related to Goods and Service Tax. The mission of the GST Council is to evolve by a process of wider consultation, a goods and services tax structure which is user-friendly and information technology-driven. The Minister in charge of Finance or Taxation or any other Minister, nominated by each State Government. 2. The next GST council meeting likely to take place by mid-March. Public Grievance Redressal Committees (GRC), Distribution of GST Taxpayers between Central & State Government. The Secretary (Revenue) as the Ex-officio Secretary. The Goods and Services Tax Council is a decision making body of Constitution which aims at making various recommendations to the Union and the State Government. The GST Council consists of the following members: 1. The GST Council is the key basic leadership body that will take all the fundamental choices identified with the GST. The GST Council is a body or committee which makes key decisions related to changes in GST. The Council is chaired by the Union Finance Minister and is tasked with revisions, regulations and rates that may apply to the GST law. On Threshold limit below which, services and goods will be exempted from GST. Proposals and decisions related to GST changes are discussed in the GST Council Meeting, 34 of which have already been held. In fact, the Councilâs mandate gives it the freedom to handle âany other matterâ related to the tax law. The GST council is a group of 33 people appointed by the Government to govern the law relating to GST. The GST Council Secretariat shall be manned by officers taken on deputation from both the Central and State Governments. One-half of the total number of Members of the Goods and Services Tax Council shall constitute the quorum at its meetings. Consequent upon this, the Hon’ble President of India accorded assent on 8th September, 2016, and the same was notified as the Constitution (One Hundred and First Amendment) Act, 2016. The 42 GST council meeting has taken some major decision based on the GSTR [â¦] The Council replace all the existing multiple taxation process and introduce new taxation methods to ease the taxation process for the taxpayers. Other matters pertaining to the implementation and regulation of GST in India. The Government of India (GoI) introduced the GST Council to modify, regulate and reconcile the goods and services tax in India. Context: The GST Council in its recently held 32nd meeting took a slew of decisions aimed at reducing the tax and compliance burden on small and medium enterprises. Role of the GST Council The GST Council will make recommendations to the center and ⦠The GST Council is authorised to determine the rate of tax applicable under the GST model, tax exemption rules, the due date of submitting GST forms, tax related laws and deadlines and special exemptions for some States of India. The industry has sent a fresh SOS to government. SO 2957 (E) dated 15-9-2016. The council contains the following members (a) Union Finance Minister (as chairperson) (b) Union Minister of States in charge of revenue or finance (as member) (c) the ministers of states in charge of finance or taxation or other ministers as nominated by each states government (as member). It was formed under Article 279A of the Indian Constitution. GST Council Meet: Council Discussed The Issue Of Compensation To States, Says Finance Secretary The current year has seen slowing down of economy due to Covid-19 which has led to low GST collections, said Finance Secretary AB Pandey today after the GST Council⦠A representative from the Central Board of Excise and Customs (CBEC) is a chairperson and a permanent non-voting invitee for all meetings of the GST council. In fact, it is shocking to note that a lot of people donât even know of the existence of the As per Article 279A (1) of the amended Constitution, the president should approve to constitute within 60 days of the commencement of Article 279A. GST Council is the Apex Constitutional Authority to decide policies of GST. It is made of: The Union Finance Minister (as Chairman), The Union Minister of State in charge of Revenue or Finance, and Stormy GST Council meet today â Hereâs what to expect In the current fiscal, the states are staring at a staggering Rs 2.35 lakh crore Goods and Services Tax (GST) revenue shortfall. The GST Council is an apex committee that holds the responsibility of modifying, reconciling, or procuring any laws or regulations related to goods and services tax in India. The Union Minister of State in-charge of Revenue or Finance. The GST Council is chaired by the Union Finance Minister and other members are the Union State Minister of Revenue or Finance and Ministers in-charge of Finance or Taxation of all the States. The meeting chaired the finance minister Nirmala sitharaman and the Minister of State (MoS) for Finance Anurag Thakur along with finance minister of all the states. the votes of all the State Governments taken together shall have a weightage of two-thirds of the total votes cast, in that meeting. The Council shall also monitor all the taxation process to provide support to the respective departments and to avoid the fraudulent process. 3. The Union Minister of State in-charge of Revenue or Finance. The press release below by the Ministry of Finance, shows the announcement for the implementation of GST Council: The GST Council consists of the following members: In the Union Cabinet meeting held on 12th September 2016, it was also decided to appoint: The GST Council will make recommendations on: The Secretariat manages the GST Council. The Constitution (One Hundred and Twenty-Second Amendment) Bill, 2016, for introduction of Goods and Services tax in the country was introduced in the Parliament and passed by Rajya Sabha on 3rd August, 2016 and by Lok Sabha on 8th August, 2016. The GST Council dictates tax rate, tax exemption, the due date of forms, tax laws, and tax deadlines, keeping in mind special rates and provisions for some states. Ever wondered how the GST [â¦] The Goods and Services Tax Council shall recommend the date on which the goods and services tax be levied on petroleum crude, high speed diesel, motor spirit (commonly known as petrol), natural gas and aviation turbine fuel. The Secretariat is manned by officers taken on deputation from both the Central and State Governments. For Mains: Issues associated with GST, need for reforms and various measures announced in this regard. GST Registration Under the GST law, businesses with turnover exceeding Rs 40 lakh* (Rs 10 lakh for North-Eastern States, J&K, Himachal Pradesh and Uttarakhand) is compulsorily required to obtain GST registration. The Goods and Services Tax Council shall consist of the following members, namely: —. No act or proceedings of the Goods and Services Tax Council shall be invalid merely by reason of—, any vacancy in, or any defect in, the constitution of the Council; or, any defect in the appointment of a person as a Member of the Council; or. The Goods and Services Tax Council shall determine the procedure in the performance of its functions. The Union Finance Minister (as Chairman). The Chairperson, Central Board of Excise and Custom (CBEC), as a permanent invitee (non-voting) to all proceedings of the Council. As stated earlier, GST Council is the governing body for the implementation of GST rules in India. On GST rates including floor rate with bands of GST and any special rate for time being to arrange resources t⦠The 42nd GST Council meeting finally took place in New Delhi on 5th October 2020. 2. September, 2016 vide Notification dated 10.09.2016. While we know the GST bill is and what it entails, it is surprising to see that the role of the GST Council is still a mystery to most. Four posts of Commissioner in the GST Secretariat (at the level of Joint Secretary to the Government of India). It ensures that the taxpayers and other authorities are complying with the Act and performs every function that is necessary in respect of the Act. The process for creating GST Council started in India when the Constitution (One Hundred and Twenty-second Amendment) Bill 2016, for the introduction of Goods and Services Tax (GST) was accorded assent by the President on 8th September 2016. 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