Centre holds pre-Budget consultations with state Finance Ministers

Last Updated: June 23, 2019

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Centre holds pre-Budget consultations with state Finance Ministers

Centre holds pre-Budget consultations with state Finance Ministers

23 June 2019 Current Affairs: Finance Minister (FM) Nirmala Sitharaman chaired her first GST Council meeting .
Sitharaman replaced Arun Jaitley as new FM under the Modi 2.0 government
The Speculations were rife that the Council in its 35th meeting under the new FM would consider slashing Goods and Service Tax (GST) on electric vehicles to 5 per cent from 12 per cent.
The Council did not reduce the tax rate matter would be forwarded to the fitment committee for further consideration.
Th topics that were discussed during the GST Council meeting were tax evasion issue, extension of the tenure of the National Anti-profiteering Authority, electronic invoices system.
The revenue position of states, the new return filing system, setting up an appellate tribunal for north-eastern states and another one for all Union Territories.

About GST
Goods and Services Tax (GST) is an indirect tax (or consumption tax) imposed in India on the supply of goods and services.
A comprehensive because it has subsumed almost all the indirect taxes.
The Multi-Staged in the production process but is meant to be refunded to all parties in the various stages of production other than the final consumer. 
Destination based tax it is collected from point of consumption and not point of origin like previous taxes.

Daily Current Affairs 2019



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