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. any other matter relating to the goods and services tax, as the Council may decide. The 42 GST council meeting has taken some major decision based on the GSTR […] 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. The Council is chaired by the Union Finance Minister and is tasked with revisions, regulations and rates that may apply to the GST law. (279A.) 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. 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. Proposals and decisions related to GST changes are discussed in the GST Council Meeting, 34 of which have already been held. The Goods and Services Tax Council shall make recommendations to the Union and the States on—. 3.2 This tax reform will lead to creation of a single national market, common tax base and common tax laws for the Centre and States. 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… GST shall include taxes, cesses, and surcharges; Goods and services which possibly will be subject to, or exempt from GST; GST laws, principles of levy, apportionment of IGST and principles associated with place of supply; Special provisions with respect to the eight northeastern states, Himachal Pradesh, Jammu and Kashmir, and Uttarakhand; and other associated matters. 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 Secretary (Revenue) as the Ex-officio Secretary. The provisions of Article 279A of the Constitution of India with respect to constitution of GST Council and its mandate are as below: © Content Owned by Ministry of Finance, Government of India. This could include anything that falls under the regime. The Goods and Services Tax Council shall consist of the following members, namely: —. The Minister in charge of Finance or Taxation or any other Minister, nominated by each State Government. 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. Find trademark class for over 8000 goods and services, Agriculture Entrepreneurship Promotion Scheme. It was formed under Article 279A of the Indian Constitution. Role of the GST Council The GST Council will make recommendations to the center and … These decisions are made regarding various Goods and Services Tax (GST) related issues in India. the taxes, cesses and surcharges levied by the Union, the States and the local bodies which may be subsumed in the goods and services tax; the goods and services that may be subjected to, or exempted from the goods and services tax; model Goods and Services Tax Laws, principles of levy, apportionment of Goods and Services Tax levied on supplies in the course of inter-State trade or commerce under article 269A and the principles that govern the place of supply; the threshold limit of turnover below which goods and services may be exempted from goods and services tax; the rates including floor rates with bands of goods and services tax; any special rate or rates for a specified period, to raise additional resources during any natural calamity or disaster; special provision with respect to the States of Arunachal Pradesh, Assam, Jammu and Kashmir, Manipur, Meghalaya, Mizoram, Nagaland, Sikkim, Tripura, Himachal Pradesh and Uttarakhand; and. 3. The Government of India (GoI) introduced the GST Council to modify, regulate and reconcile the goods and services tax in India. The 42nd GST Council meeting finally took place in New Delhi on 5th October 2020. 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. On GST rates including floor rate with bands of GST and any special rate for time being to arrange resources t… The GST council is the key decision-making body that will take all important decisions regarding the GST. any procedural irregularity of the Council not affecting the merits of the case. Public Grievance Redressal Committees (GRC), Distribution of GST Taxpayers between Central & State Government. Copyright © 2021 VERVE Financial Services Private Limited. The Secretariat is manned by officers taken on deputation from both the Central and State Governments. The Council shall also monitor all the taxation process to provide support to the respective departments and to avoid the fraudulent process. For Prelims: About GST Council- composition, functions and related key facts, overview of GST. All rights reserved.Unless otherwise indicated, all materials on these pages are copyrighted by VERVE Financial Services Private Limited. Structure of the GST Council The structure of the GST Council is determined by Article 279 (1) of the amended Constitution of India. Thus GST is a unifier that is going to integrate various taxes being levied by the Centre and the State at present and provide a platform for forging an economic union of the country. The notification for bringing into force Article 279A with effect from 12th September, 2016 was issued on 10thSeptember, 2016. In this article, we look into the GST Council and understand one of the key councils that regulate all aspects of GST in India. Here are the key takeaways from the 37th GST Council Meeting held in Panaji on September 20, 2019. “Industry has demanded early constitution of GST Tribunals, for timely resolution on determining the tax liability and on claims of wrong utilisation of credit,” sources … 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. All Rights Reserved. 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. Consider more legally viable options The Union Minister of State in-charge of Revenue or Finance. 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. GST Council is the governing body of GST having 33 members, out of which 2 members are of centre and 31 members are from 28 state and 3 Union territories with legislation. In fact, it is shocking to note that a lot of people don’t even know of the existence of the council. The Council replace all the existing multiple taxation process and introduce new taxation methods to ease the taxation process for the taxpayers. GST Council is the Apex Constitutional Authority to decide policies of GST. 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 main role of the GST Council is to make recommendations to the central and state governments about how the GST law should be enforced and changed. Our aim is to educate the entrepreneur on the legal and regulatory requirements and be a partner throughout the entire business life cycle, offering support to the company at every stage to make sure they are compliant and continually growing. SO 2957 (E) dated 15-9-2016. The President shall, within sixty days from the date of commencement of the Constitution (One Hundred and First Amendment) Act, 2016, by order, constitute a Council to be called the Goods and Services Tax Council. The Secretary (Revenue) as the Ex-officio Secretary. In fact, it is shocking to note that a lot of people don’t even know of the existence of the In fact, the Council’s mandate gives it the freedom to handle “any other matter” related to the tax law. Tenure of the anti-profiteering authority has been extended by an additional 2 years as per the 35 th GST Council Meeting announcement. the votes of all the State Governments taken together shall have a weightage of two-thirds of the total votes cast, in that meeting. In the Union Cabinet meeting held on 12th September 2016, it was also decided to appoint: 1. 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 GST council will be supposed to make the recommendation to the Union and State on the following matters:- 1. between two or more States, arising out of the recommendations of the Council or implementation thereof. As per the Constitution as amended, GST Council is required to be Constituted under article 279A of the Constitution which was so done by the President on 12 th September, 2016 vide Notification dated 10.09.2016. 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