what is gst council

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. 2. Following the assent of GST Bill, the Union Cabinet in a meeting held on 12th September 2016 approved setting-up of GST Council and setting-up of its 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. any procedural irregularity of the Council not affecting the merits of the case. The industry has sent a fresh SOS to government. This could include anything that falls under the regime. 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. On 10th September 2016, the notification stated to bring Article 279A into force with effect from 12th September 2016. The GST Council consists of the following members: 1. The Finance Ministry is keen on pushing the agenda of merger of GST slabs in the next meet. Member; the Minister in charge of Finance or Taxation or any other. 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. The GST Council is a joint forum of the Central Government as well as the State Governments. The GST Council is a federal forum with central and state governments in India on board. The Union Finance Minister (as Chairman). And so it has the following features: The office of the GST Council is located in New Delhi, India. 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 … The Union Minister of State in-charge of Revenue or Finance. Other matters pertaining to the implementation and regulation of GST in India. All rights reserved.Unless otherwise indicated, all materials on these pages are copyrighted by VERVE Financial Services Private Limited. Further, Finance Minister Shri Arun Jaitley also decided to call the First Meeting was conducted on 22nd and 23rd September 2016 in New Delhi. Copyright © 2021 VERVE Financial Services Private Limited. The entire cost for managing the Secretariat is borne by the Central Government. 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. 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. Public Grievance Redressal Committees (GRC), Distribution of GST Taxpayers between Central & State Government. 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 law and procedure-related changes, and GST rate changes for goods and services have been announced. 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). One post of Additional Secretary to the Council in the Secretariat (at the level of Additional Secretary to the Government of India). The Goods and Services Tax Council shall make recommendations to the Union and the States on—. 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. Currently, on electronic vehicles the 12% GST rate is applicable. In this article, we look into the GST Council and understand one of the key councils that regulate all aspects 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. 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 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. Find trademark class for over 8000 goods and services, Agriculture Entrepreneurship Promotion Scheme. Proposals and decisions related to GST changes are discussed in the GST Council Meeting, 34 of which have already been held. 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. It is made of: The Union Finance Minister (as Chairman), The Union Minister of State in charge of Revenue or Finance, and 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. GST Council has been constituted vide Notification No. 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. In fact, it is shocking to note that a lot of people don’t even know of the existence of the council. In fact, the Council’s mandate gives it the freedom to handle “any other matter” related to the tax law. 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 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. Consider more legally viable options These decisions are made regarding various Goods and Services Tax (GST) related issues in India. The Goods and Services Tax Council shall consist of the following members, namely: —. 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. 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. Every decision of the Goods and Services Tax 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, in accordance with the following principles, namely: —, the vote of the Central Government shall have a weightage of one third of the total votes cast, and. Here are the key takeaways from the 37th GST Council Meeting held in Panaji on September 20, 2019. Tenure of the anti-profiteering authority has been extended by an additional 2 years as per the 35 th GST Council Meeting announcement. On Threshold limit below which, services and goods will be exempted from 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. Four posts of Commissioner in the GST Secretariat (at the level of Joint Secretary to the Government of India). 2. The notification for bringing into force Article 279A with effect from 12th September, 2016 was issued on 10thSeptember, 2016. The Council replace all the existing multiple taxation process and introduce new taxation methods to ease the taxation process for the taxpayers. 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. Details of services and goods that will be subjected to GST or which will be exempted from GST. News The Secretariat is manned by officers taken on deputation from both the Central and State Governments. The GST council is the key decision-making body that will take all important decisions regarding the GST. The Union Minister of State in-charge of Revenue or Finance. 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 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. 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. As per Article 279A (1) of the amended Constitution, the president should approve to constitute within 60 days of the commencement of Article 279A. The Secretary (Revenue) as the Ex-officio Secretary. The GST Council is the key basic leadership body that will take all the fundamental choices identified with the GST. All Rights Reserved. In the Union Cabinet meeting held on 12th September 2016, it was also decided to appoint: 1. 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… “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 … 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: -. (279A.) The GST council is a group of 33 people appointed by the Government to govern the law relating to GST. 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. Respective departments and to avoid the fraudulent process to provide support to the Union Minister State! 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