New RBI Grade B 2025 Notification will come Soon! Enroll Here

    Question

    Consider the  following statement about recent meeting

    of Dec 2022, Goods and Services Tax (GST) Council: I. GST council decided to decriminalise certain offences that are not directly linked to tax evasion. II. The GST Council is chaired by the union Home minister. III. GST council is a constitutional body for making recommendations to the Union and State Government on issues related to Goods and Service Tax. Which of the above is/are not correct?
    A I only Correct Answer Incorrect Answer
    B II only Correct Answer Incorrect Answer
    C III only Correct Answer Incorrect Answer
    D I and II both Correct Answer Incorrect Answer
    E None of the above Correct Answer Incorrect Answer

    Solution

    The Goods and Services Tax (GST) Council recently decided to decriminalise certain offences that are not directly linked to tax evasion and doubled the threshold for launching prosecution to Rs 2 crore, but stopped short of accepting the businesses’ demand for a much more lenient approach on both aspects. GST 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 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.

    Practice Next

    Relevant for Exams: