12 September 2016 Current Affairs GK: The Union Cabinet approved the process, formation and functioning of the Goods and Services Tax (GST) Council on 12 September 2016.
The council will consist of the Finance Minister and State Finance Ministers. It will make recommendations on important issues related to GST, including items and rates.
The GST Council and its Secretariat will be set up as per the following details:
Creation of the GST Council as per Article 279A of the amended Constitution
Creation of the GST Council Secretariat, with its office at New Delhi
Appointment of the Secretary (Revenue) as the Ex-officio Secretary to the GST Council
Inclusion of the Chairperson, Central Board of Excise and Customs (CBEC), as a permanent invitee (non-voting) to all proceedings of the GST Council
Create one post of Additional Secretary to the GST Council in the GST Council Secretariat and four posts of Commissioner in the GST Council Secretariat
On 8 September 2016, President Pranab Mukherjee had given his assent to the 122nd Constitutional Amendment Bill. The Bill will pave the way for rollout of GST.The new tax regime will do away with the indirect taxes. It will usher in one tax for the entire country.Over 18 States have ratified the bill.
The GST is a single indirect tax, which will subsume most of the central and state taxes such as VAT, excise duty, service tax and central sales tax.
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