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Home Economy

GST council

July 21, 2020
in Economy
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As per the Constitution (101st) Amendment Act 2016 GST council has been created which consists of the following:-

The Union Finance Minister

  • The Union Minister of State in charge of Revenue or Finance
  • The Minister in charge of Finance or Taxation or any other Minister nominated by each State Government

Functioning

  • Every decision of the GST council shall be taken at a meeting, by a majority of not less than three-fourths of the weighted votes of the members present and voting.
  • The vote of the Central Government shall have a weightage of one-third and the vote of all the State Governments taken together shall have a weightage of two-thirds of the total votes cast.

Functions

The GST council makes recommendations to the Union and States regarding the following:-

  • The taxes, cesses and surcharges which may be subsumed in GST
  • Goods and services that may be exempted from GST
  • Integrated Goods and Services Tax (IGST)
  • Threshold limit of turnover below which goods & services may be exempted from GST
  • The rates including floor rates with bands of goods and services tax
  • Any special rate for a specified period, to raise additional resources during any natural calamity or disaster.
  • Any other matter relating to the GST, as the Council may decide

 

 

Tags: Prelims

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