16-05-2024
09:18 AM
Prelims: Economic and Social Development-Sustainable Development, Poverty, Inclusion, Demographics, Social Sector Initiatives, etc.
Mains: Indian Economy and issues relating to planning, mobilization of resources, growth, development and employment.
Objectives of GST Council
The objectives of the GST Council are:
GST Council
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.
Composition of the GST Council
Article 279A(2): The Goods and Services Tax Council shall consist of the following members:
Chairperson |
|
Members |
|
Vice-Chairperson
Article 279A(3): The Members of the Goods and Services Tax Council shall choose one member amongst themselves to be the Vice-Chairperson of the Council for such period as they may decide.
Functions
Article 279A(4): The Goods and Services Tax Council shall make recommendations to the Union and the States on
Article 279A(5): 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.
Article 279A(8): The Goods and Services Tax Council shall determine the procedure for performing its functions.
Article 279A(11): The Goods and Services Tax Council shall establish a mechanism to adjudicate any dispute arising out of the recommendations of the Council or implementation thereof between:
Functioning of GST Council
Article 279A(7): One-half of the total number of Members of the Goods and Services Tax Council shall constitute the quorum at its meetings.
Article 279A(9): 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:
Other provisions
Article 279A(6): 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.
Article 279A(10):
GST Council’s decisions have a direct impact on the tax burden of businesses and consumers and on the overall economic environment of the country. Some of the major outcomes of the GST Council include
Q)Explain the rationale behind the Goods and Services Tax (Compensation to states) act of 2017. How has COVID-19 impacted the GST compensation fund and created new federal tensions? (2020)
Q) Enumerate the indirect taxes which have been subsumed in the goods and services tax (GST) in India. Also, comment on the revenue implications of the GST introduced in India since July 2017. (2017)
Q) What is/are the most likely advantages of implementing ‘Goods and Services Tax (GST)’?(2017)
(a) It will replace multiple taxes collected by multiple authorities and will thus create a single market in India.
(b) It will drastically reduce the ‘Current Account Deficit’ of India and will enable it to increase its foreign exchange reserves.
(c) It will enormously increase the growth and size of the economy of India and will enable it to overtake China in the near future.
Select the correct answer using the code given below:
(a) 1 only
(b) 2 and 3 only
(c) 1 and 3 only
(d) 1, 2 and 3
The Ex-officio Secretary to the GST Council is the Revenue Secretary of India, The Central Board of Excise and Customs (CBEC) is a chairperson and a permanent, non-voting invitee for all the meetings of the GST Council.
No. GST is applicable to most goods and services in India, but there are some exceptions. For example, certain goods and services such as Petrol, high-speed diesel, aviation turbine fuel, crude oil, electricity, alcohol used for human consumption, natural Gas.
© 2024 Vajiram & Ravi. All rights reserved