NEWS

GST Council’s 46th meeting was held recently

WHAT HAPPEN AT THE MEET

• Recommended to defer the decision to change the rates in textiles recommended in the 45th GST Council meeting
• Existing GST rates in textile sector would continue beyond 1st January, 2022.

ABOUT GST COUNCIL

WHAT – Constitutional body for making recommendations to the Union and State Government on issues related to Goods and Service Tax.

FORMATION

• Article 279-A
• President to constitute a GST Council by an order
• Secretariat of the Council is located in New Delhi
• Union Revenue Secretary acts as the ex-officio Secretary to the Council.

FUNCTIONS

• Will take all important decisions regarding the GST
• 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.
• Predominant responsibility is to ensure to have one uniform tax rate for goods and services across the nation.

STRUCTURE

• Joint forum for the Centre and the States
• 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.