Question
With reference to the Goods and Services Tax (GS
- T Council, which of the following statements is/are correct?Ā 1. It is a constitutional body established under Article 279A of the Indian ConstitutionĀ 2. The Union Finance Minister is the Chairperson of the GST Council.Ā Select the correct answer using the code given below:Ā
Solution
ā¢ India has completed eight years since the implementation of the Goods and Services Tax (GST) on July 1, 2017, a significant reform aimed at creating a āOne Nation, One Taxā regime. Goods and Services Tax (GST) CouncilĀ ā¢ The Goods and Services Tax (GST) Council is a constitutional body established under Article 279A of the Indian Constitution through the 101st Amendment Act of 2016.Ā ā¢ The Union Finance Minister is the Chairperson of the GST Council.Ā ā¢ The GST Council makes recommendations to the Union and the States on key GST-related issues, including: Ā Taxes, cesses, and surcharges to be subsumed under GST Ā Goods and services to be subject to or exempt from GST Ā Model GST laws, principles of levy, and apportionment of IGST Ā Tax rates, thresholds, special provisions, and any other matter relating to GSTĀ ā¢ Dispute resolution: The Council also serves as a platform to resolve disputes between the Centre and the States or among the States themselves on GST-related matters.Ā ā¢ The Centre has one-third of the total voting power, while the States collectively have twothirds.
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