GST COUNCIL

27th June, 2022 Economy

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Context

The GST Council at its 47^th meeting is expected to vet a proposal of levying 28% goods and services tax (GST) on online gaming, casinos and horse racing.

GST Council

It is a constitutional body for making recommendations to the Union and State Government on issues related to Goods and Service Tax.
The GST Council is chaired by the Union Finance Minister and other members are the Union State Minister of Revenue or Finance and Ministers in-charge of Finance or Taxation of all the States.
As per Article 279A of the amended Constitution, the GST Council which will be a joint forum of the Centre and the States.
The Goods and Services Tax Council make recommendations to the Union and the States on—

The taxes, cesses and surcharges levied by the Union, the States and the local bodies which may be subsumed in the goods and services tax;
The goods and services that may be subjected to, or exempted from the goods and services tax;
Model Goods and Services Tax Laws, principles of levy, apportionment of Goods and Services Tax levied on supplies in the course of inter-State trade or commerce under article 269A and the principles that govern the place of supply;
The threshold limit of turnover below which goods and services may be exempted from goods and services tax;
The rates including floor rates with bands of goods and services tax;
Any special rate or rates for a specified period, to raise additional resources during any natural calamity or disaster;
Special provision with respect to the States of Arunachal Pradesh, Assam, Jammu and Kashmir, Manipur, Meghalaya, Mizoram, Nagaland, Sikkim, Tripura, Himachal Pradesh and Uttarakhand; and any other matter relating to the goods and services tax, as the Council may decide.
One-half of the total number of Members of the Goods and Services Tax Council shall constitute the quorum at its meetings.
Every decision of the Goods and Services Tax Council shall be taken at a meeting, by a majority of not less than three-fourths of the weighted votes of the members present and voting

The Goods and Services Tax Council establish a mechanism to adjudicate any dispute —

Between the Government of India and one or more States; or
Between the Government of India and any State or States on one side and one or more other States on the other side; or between two or more States, arising out of the recommendations of the Council or implementation thereof.

Read: https://www.iasgyan.in/daily-current-affairs/goods-and-services-tax-gst

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