49th meeting of GST Council to take place in New Delhi
The 49th meeting of the GST Council was held on 18 February in New Delhi.
An overview of the news
The meeting, chaired by Finance Minister Nirmala Sitharaman, discussed setting up appellate tribunals and mechanisms to prevent tax evasion in the pan masala and gutkha business.
After the Union Budget was presented earlier this month, the GST Council meeting has offered to extend the 50-year interest-free loan to states for one more year.
About GST Council
To implement GST, the Constitutional (122nd Amendment) Bill was passed by both the Houses of the Parliament in 2016.
The GST Council has been notified as a constitutional body to deal with issues related to GST.
It is a joint forum of the Center and the States which was established by the President in accordance with Article 279A (1) of the amended Constitution.
Members of GST Council
Union Finance Minister (Chairman), Union Minister of State (Finance) from the Centre.
Each state minister in charge of finance or taxation or any other minister may be nominated as a member.
Functions of GST Council
To make recommendations to the Center and the States on important issues relating to GST.
It also decides on various rate slabs of GST.
What is the Goods and Services Tax (GST)?
It was introduced through the 101st Constitution Amendment Act, 2016.
It is one of the biggest indirect tax reforms in the country and was introduced with the slogan of ‘One Nation One Tax’.
GST subsumes indirect taxes like excise duty, value added tax (VAT), service tax, luxury tax etc.
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