GST Council Formation Approved – A Step Forward
Another step has been taken by the government on the right direction for the implementation of biggest tax reform. The Constitution (One Hundred and Twenty¬ second Amendment) Bill, 2014, for introduction of Goods and Services tax in the Constitution of the country was accorded assent by the President on 8th September, 2016, and the same has been passed as the Constitution (One Hundred and First Amendment) Act, 2016.
Today, i.e. on 12th September 2016, the union Cabinet has approved the setting up of the GST Council (Section 279A) and its secretariat with the following details:
Union Finance minister will be the Chairperson with state finance ministers as members to the GST council
Setting up of Secretariat of GST council with its office at New Delhi
Appointment of the secretary (Revenue) as the Ex-Officio Secretary to the GST Council.
Inclusion of the Chairperson, CBEC as a permanent invitee (non-voting) to all the proceedings of the GST Council
Create one post of Additional Secretary to the GST Council in its secretariat (at the level of Additional secretary to the Government of India), and four post of the Commissioner in its secretariat (at the level of Joint secretary to the Government of India)
The Finance Minister has also decided to call the first meeting of the GST Council on 22nd and 23rd September 2016 in New Delhi.
The GST Council shall make recommendations on tax rates, cesses, exemptions, threshold limit, and other provisions.