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A single common “Goods and Services Tax (GST)” was proposed and given a go-ahead in 1999 during a meeting between the Prime Minister Atal Bihari Vajpayee and his economic advisory panel. Mr Vajpayee set up a committee headed by the then finance minister of West Bengal, Asim Dasgupta to design a GST model.
Later, Finance Minister P Chidambaram in February 2006 continued work on the same. It finally was implemented on July 1st, 2017 to be a comprehensive, destination-based indirect tax that has replaced various indirect taxes that were implemented by the State and Centre such as VAT, excise duty, and others. The government of India also formed a GST Council to govern the rules the Goods and Services Tax.
24th June 2022
The 47th GST Council meeting was held on the 28th and 29th of June 2022 in Chandigarh. Union FM Nirmala Sitharaman chaired this meeting and made recommendations to revise rates for revenue augmentation and correction of inversion while pruning the GST exemption list. Compliance relief was granted to e-commerce suppliers and composition taxpayers.
29th December 2021
The 46th GST Council meeting was held on 31st December 2021 in New Delhi. Union FM Nirmala Sitharaman led meeting has decided to defer the GST rate hike to 12% for textiles.
1st September 2021
45th GST Council meeting was held on 17th September 2021. Tax concessions on COVID-19 essentials got extended, Matter on GST compensation to states was taken up, correction of inverted tax structure, etc were on the agenda.
28th May 2021
43rd GST Council meeting took place on 28th May 2021. The Council approved the GST amnesty scheme to be re-introduced, the late fee was rationalised for all taxpayers, especially for small taxpayers and IGST is exempted on import of COVID treating equipment and relief materials up to 31st August 2021.
GST Council is an apex member committee to modify, reconcile or to procure any law or regulation based on the context of goods and services tax in India. The council is headed by the union finance minister Nirmala Sitharaman, who is assisted by finance ministers of all the states of India.
The last Council meeting held was the 44th GST council meeting, which was held on 28th May 2021. The meeting was chaired by Finance Minister Smt. Nirmala Sitharaman. The Union Minister of State for Finance and Corporate Affairs Shri Anurag Thakur was also present at the meeting, besides the Finance Ministers of the states and union territories (UTs), and other senior officers of both, the Ministry of Finance and the States and UTs.
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:
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. They lay down GST laws, principles that govern the following:
The cabinet also provides funds for meetings the expenses (recurring and nonrecurring) of the GST Council Secretariat. This cost is completely borne by the Central government.
The GST Council meets to discuss and lay GST laws that will benefit dealers across the nation. The outcome of the previous latest GST Council meet was that the Council decided to implement GST provisions on e-way bills that requires goods of more than Rs.50,000 in value to be registered online before they can be moved. They have also extended the deadline to file GSTR-1.The Council will also set up anti-profiteering screening committees that will make the National Anti-Profiteering Authority stronger under the GST law. Other than laying GST laws, the GST Council have taken decisions as such:
GST Council also looks into drafting GST rules on registration, payment, valuation, input tax credit, composition, return, refund and invoice, and transitional provisions, among other things.