Goods and Services Tax – GST – By: – Mr. M. GOVINDARAJAN – Dated:- 20-1-2017 Last Replied Date:- 23-1-2017 – Section 12 of the Constitution (One hundred and first Amendment) Act, 2016 proposes to insert a new Article 279A after Article 279 which deals with Goods and Service Tax Council. Section 12 came into force with effect from 12.09.2016, vide Notification No. S.O. No. 2915(E), dated 10.09.2016. Constitution of GST council Article 279A (1) provides that the President shall, within 60 days from the date of the commencement of the Act, by order, constitute a Council to be called the Goods and Services Tax Council. Article 279A(2) provides that the GST council shall consist of the following members- Union Finance Minister – Chairperson; The Union Minister of State in charge of Revenue or Finance- Member; The Minister in charge of Finance or Taxation or any other Minister nominated by each State Government – Members. The members shall, as soon as may be, choose one amongst themselves t
= = = = = = = =
Plain text (Extract) only
For full text:-Visit the Source
= = = = = = = =
riat, the entire cost for which shall be borne by the Central Government. The GST Council Secretariat shall be manned by officers taken on deputation from both the Central and State Governments. Vide Notification No.SO 2957(E), dated 15.09.2016 the President of India constituted the GST Council containing the above members in the council. The GST Council is headed by Union Finance Minister Arun Jaitley and includes representatives of all the 29 states and 2 union territories. Functions of GST Council Article 279A (4) provides that GST council shall make recommendations to the Union and the States on- the taxes, cesses and surcharges levied by the Union, the States and the local bodies which may be submitted in the goods and services tax; the goods and services that may be subject to, or exempted from the goods and services tax; model Goods and Services Tax Laws, principal of levy, apportionment of Goods and Services Tax levied on applies in the course of inter-State trade or commerce u
= = = = = = = =
Plain text (Extract) only
For full text:-Visit the Source
= = = = = = = =
he 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- the vote of the Central Government shall have a weightage of one third of the total votes cast; and the votes of all the State Governments taken together shall have a weightage of two thirds of the total votes cast in that meeting. 50% of the total number of Members of the Council shall constitute the quorum of the meeting. No act or proceedings of the Council shall be invalid merely by reason of- any vacancy in, or in any defect in, the constitution of the Council; or any defect in the appointment of a person as a Member of the Council; or any procedural irregularity of the Council not affecting the merits of the case. Adjudication of dispute The Council shall establish a mechanism to adjudicate any dispute- between the Government of India and one or more States; or between the Government of India and a
= = = = = = = =
Plain text (Extract) only
For full text:-Visit the Source
= = = = = = = =
meeting. Five rules framed for the purpose of GST have been taken up and approved by the Council. Third GST council meeting The GST Council, in the meeting held on 03.11.2016 finalized the GST tax rate structure. The Council has opted for a four tier rate structure of 5%, 12%, 18% and 28%. The essential items like food grains will have a zero rate. According to the decision, 150 essential items in the consumer price index basket will attract zero tax. 5% tax – For mass consumption goods like butter, ghee; 12% tax – It is one of the standard rate; 18% tax – It is another standard rate; 28% tax – Luxury goods will attract this tax; 0% tax – 50% of Consumer Price Index basket items, food grains like rice and wheat, spices The above tax rate must be approved by the Parliament in the Winter Session which is going to be held on 19.11.2016 but not able to get approved. A committee of officers/Secretaries will finalize the exact tax rate on each item and bring it to the slab closet to the cur
= = = = = = = =
Plain text (Extract) only
For full text:-Visit the Source
= = = = = = = =
as the Central GST and State GST, Integrated GST, and a law detailing compensation to states for loss of revenue in the first five years of the roll-out. Sixth meeting of GST council The 6th meeting was conducted in the shadow of demonetization, whose fallout has put a serious question mark on implementing GST by 01.04.2017, the target fixed by the Central Government. This two day meet focused on finalizing three legislations viz., Central GST, State GST and compensation bill but the same has not been achieved except up to Sections 99 of Model GST law have been discussed Seventh meeting of GST council Primary draft of CGST and SGST bills were cleared; Redrafting of one clause in the draft compensation bill. Compensation is to be paid to States on a bi-monthly basis instead of on quarterly basis as in the draft bill. Eighth meeting of GST Council he deadlock over the GST continued in this meeting with the Centre and State refusing to budge from their respective positions on issues like
= = = = = = = =
Plain text (Extract) only
For full text:-Visit the Source
= = = = = = = =