Stormy GST Council meet today – Here’s 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. Four posts of Commissioner in the GST Secretariat (at the level of Joint Secretary to the Government of India). While discharging the functions conferred by this article, the Goods and Services Tax Council shall be guided by the need for a harmonized structure of goods and services tax and for the development of a harmonized national market for goods and services. 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. Other matters pertaining to the implementation and regulation of GST in India. 2. 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. On Threshold limit below which, services and goods will be exempted from GST. Further, Finance Minister Shri Arun Jaitley also decided to call the First Meeting was conducted on 22nd and 23rd September 2016 in New Delhi. The Minister in charge of Finance or Taxation or any other Minister, nominated by each State Government. Role of the GST Council The GST Council will make recommendations to the center and … 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. Currently, on electronic vehicles the 12% GST rate is applicable. 2. This council works for the development, advancement, and management of the GST Act. The Union Minister of State in-charge of Revenue or Finance. As per Article 279A of the amended Constitution, the GST Council which will be a joint forum of the Centre and the States, shall consist of the following members: -. The Union Cabinet in its meeting held on 12th September, 2016 approved setting-up of GST Council and setting up its Secretariat. Structure of the GST Council The structure of the GST Council is determined by Article 279 (1) of the amended Constitution of India. On GST rates including floor rate with bands of GST and any special rate for time being to arrange resources t… Tenure of the anti-profiteering authority has been extended by an additional 2 years as per the 35 th GST Council Meeting announcement. The Chairperson, Central Board of Excise and … 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… The next GST council meeting likely to take place by mid-March. 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. The notification for bringing into force Article 279A with effect from 12th September, 2016 was issued on 10thSeptember, 2016. The GST Council consists of the following members: 1. Ever wondered how the GST […] 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. For Prelims: About GST Council- composition, functions and related key facts, overview of GST. 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. And so it has the following features: The office of the GST Council is located in New Delhi, India. 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 GST council is the key decision-making body that will take all important decisions regarding the GST. The Cabinet inter alia took decisions for the following: The Cabinet also decided to provide for adequate funds for meeting the recurring and non-recurring expenses of the GST Council Secretariat, the entire cost for which shall be borne by the Central Government. 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. The GST Council is a federal forum with central and state governments in India on board. The Government of India (GoI) introduced the GST Council to modify, regulate and reconcile the goods and services tax in India. Proposals and decisions related to GST changes are discussed in the GST Council Meeting, 34 of which have already been held. The Union Finance Minister (as Chairman). The 42 GST council meeting has taken some major decision based on the GSTR […] All rights reserved. The Goods and Services Tax Council shall establish a mechanism to adjudicate any dispute —, between the Government of India and one or more States; or, between the Government of India and any State or States on one side and one or more other States on the other side; or. 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. September, 2016 vide Notification dated 10.09.2016. The Goods and Services Tax Council shall make recommendations to the Union and the States on—. 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. 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. The GST Council is a body or committee which makes key decisions related to changes in GST. The GST Council is tasked to ensure that one uniform rate of GST is applie… It was formed under Article 279A of the Indian Constitution. Meanwhile, the 42nd GST Council meet, which will be a full agenda meet, is likely to discuss other agenda items such as the creation of GST Tribunals. between two or more States, arising out of the recommendations of the Council or implementation thereof. Here are the key takeaways from the 37th GST Council Meeting held in Panaji on September 20, 2019. 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. 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. Consider more legally viable options (279A.) The GST Council is the key basic leadership body that will take all the fundamental choices identified with the GST. No part of these pages, either text or image may be used for any purpose. 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. 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. News As per Article 279A (4), the Council will make recommendations to the Union and the States on important issues related to GST, like the goods and services that may be subjected or exempted from GST, model GST Laws, principles that govern Place of Supply, threshold limits, GST rates including the floor rates with bands, special rates for raising additional resources during natural calamities/disasters, special provisions for certain States, etc. The Council shall also monitor all the taxation process to provide support to the respective departments and to avoid the fraudulent process. As per Article 279A (1) of the amended Constitution, the GST Council has to be constituted by the President within 60 days of the commencement of Article 279A. In the previous 35th GST Council Meeting, GST rate cuts on electronic vehicles were referred to the fitment committee to check whether the rate cuts are feasible or not. It It is made of: The Union Finance Minister (as Chairman), The Union Minister of State in charge of Revenue or Finance, and 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 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. 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. The Union Minister of State in-charge of Revenue or Finance. These decisions are made regarding various Goods and Services Tax (GST) related issues in India. As stated earlier, GST Council is the governing body for the implementation of GST rules in India. The GST council clarified that Aadhaar (and Aadhaar OTP) can be used for GST Registration instead of the need to submit multiple documents under earlier GST registration rules. 4. The Secretariat is manned by officers taken on deputation from both the Central and State Governments. 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 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. IndiaFilings.com is committed to helping entrepreneurs and small business owners start, manage and grow their business with peace of mind at an affordable price. Find trademark class for over 8000 goods and services, Agriculture Entrepreneurship Promotion Scheme. GST Council is a federal forum with both centre and states in India on board. In the first meeting for the creation of the Council, the Cabinet provided for adequate funds for meeting the recurring and non-recurring expenses of the Secretariat. 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. SO 2957 (E) dated 15-9-2016. The entire cost for managing the Secretariat is borne by the Central Government. 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 Council is chaired by the Union Finance Minister and is tasked with revisions, regulations and rates that may apply to the GST law. On 10th September 2016, the notification stated to bring Article 279A into force with effect from 12th September 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). All rights reserved.Unless otherwise indicated, all materials on these pages are copyrighted by VERVE Financial Services Private Limited. The Goods and Services Tax Council shall determine the procedure in the performance of its functions. 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. 2. The law and procedure-related changes, and GST rate changes for goods and services have been announced. For Mains: Issues associated with GST, need for reforms and various measures announced in this regard. As per Article 279A (1) of the amended Constitution, the president should approve to constitute within 60 days of the commencement of Article 279A. any other matter relating to the goods and services tax, as the Council may decide. 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. Union Finance Minister is Chairman of Council. The Council will attempt to arrive at a decision on letting states borrow over and above their already enhanced borrowing limits to bridge the shortfall in their GST … Details of services and goods that will be subjected to GST or which will be exempted from GST. One post of Additional Secretary to the Council in the Secretariat (at the level of Additional Secretary to the Government of India). 3. 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