GST COUNCIL
WHAT IS GST COUNCIL?
- GST Council is a joint forum of the Centre and the States.
- Set up by the President as per Article 279A (1) of the amended Constitution.
WHO ARE THE MEMBERS OF GST COUNCIL?
- From Centre
- Union Finance Minister (Chairperson)
- Union Minister of State (Finance)
- From State
- Nominate a minister in charge of finance or taxation or any other minister.
WHAT ARE THE FUNCTIONS OF THE GST COUNCIL?
- Make recommendations to the Union and the states on issues related to GST.
- Decides on various rate slabs of GST.
WHAT IS GST?
- Introduced through the 101st Constitution Amendment Act, 2016.
- Introduced with the slogan of ‘One Nation One Tax.’
- Subsumed indirect taxes like excise duty, Value Added Tax (VAT), service tax, luxury tax etc.
WHAT ARE THE REASONS FOR INTRODUCING GST?
- To mitigate the double taxation
- Create a Unified Common Market
- Increase Tax Compliance
- Reduce Corruption