Context:
53rd GST Council meeting took place.
GST Council:
- A joint forum of the Centre and the states.
- Constitutional Body as per Article 279A (1) of the Constitution.
- Inserted by 101st Amendment Act of 2016
- Set up by – President
- Members –
- Union Finance Minister acts as the Chairperson.Union Minister of State (Finance) from the Centre.Each state can nominate a minister in-charge of finance or taxation or any other minister as a member.The Chairperson of the Central Board of Indirect Taxes and Customs (CBlC) is a permanent invitee (non-voting) to all proceedings of the Goods and Services Tax Council.
- The Union Revenue Secretary (Department of Revenue, Ministry of Finance) acts as the ex-officio Secretary to the Goods and Services Tax Council.
- Working –
- GST Council takes every decision at its meetings by a majority of not less than three-fourths of the weighted votes of the members present and voting.
- The least quorum required for conducting a meeting is 50% of the total number of members of the Council.
- Weightage of Center’s Vote – One-third of the total votes cast in a particular meeting
- Weightage of States’ Votes – Votes of all the state governments combined is assigned a weightage of two-thirds of the total votes cast in a particular meeting.
- Functions – GST Council is required to make recommendations to the Centre and the States on the following matters
- Taxes, cesses, and surcharges levied by the Center, the States, and the local bodies would get subsumed into GST.
- The goods and services that may be subjected to or exempted from GST.
- The model GST Laws, principles of levy, apportionment of GST levied on supplies in the course of inter-state trade or commerce, and the principles that govern the place of supply.
- The threshold limit of turnover below which goods and services may be exempted from GST.
- Any special rate or rates for a specified period to raise additional resources during any natural calamity or disaster.
Source: The Indian Express
Previous Year Question
Consider the following items:
1. Cereal grains hulled
2. Chicken eggs cooked
3. Fish processed and canned
4. Newspapers containing advertising material
Which of the above items is/are exempted under GST (Good and Services Tax)?
[UPSC Civil Services Exam – 2018 Prelims]
(a) 1 only
(b) 2 and 3 only
(c) 1, 2 and 4 only
(d) 1, 2, 3 and 4
Answer: (c)
Explanation:
Fish, crustaceans & other aquatic invertebrates in processed, cured or frozen state are taxable at 5% rate under GST.
