What is in news : GST council which met recently  has come up with effected several long-pending tweaks in tax rates including an increase in the GST levied on footwear costing less than ₹1,000 as well as readymade garments and fabrics to 12% from 5%.  Petroleum products has not been included under GST

GST COUNCIL

• The GST council is the key decision-making body that will take all important decisions regarding the GST. The GST Council dictates tax rate, tax exemption, the due date of forms, tax laws, and tax deadlines, keeping in mind special rates and provisions for some states. The predominant responsibility of the GST Council is to ensure to have one uniform tax rate for goods and services across the nation.
• The Goods and Services Tax (GST) is governed by the GST Council. Article 279 (1) of the amended Indian Constitution states that the GST Council has to be constituted by the President within 60 days of the commencement of the Article 279A.
• According to the article, GST Council will be a joint forum for the Centre and the States. It consists of the following members:
  • The Union Finance Minister will be the Chairperson
  • As a member, the Union Minister of State will be in charge of Revenue of Finance
  • The Minister in charge of finance or taxation or any other Minister nominated by each State government, as members.
• Article 279A (4) specifies that the Council will make recommendations to the Union and the States on the important issues related to GST, such as, the goods and services will be subject or exempted from the Goods and Services Tax.