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Govt notifies GST Council

Centre targets to implement the new pan-India indirect tax regime from April 1 next year.

Policy Pulse
Publish Date: Sep 12 2016 2:07PM | Updated Date: Sep 12 2016 3:56PM

Govt notifies GST Council

 Union Finance Ministry o notified the provisions of the Constitution Amendment Act that allows for setting up the Goods and Services Tax (GST) Council.

 
This comes days after clearance by the president last week.
 
"The Central Government hereby appoints the 12th day of September, 2016 as the date on which the provisions of section 12 of the said Act shall come into force," a ministry notification said.
 
As per provisions of the Constitution Amendment Act, council will have to be set up within 60 days of its notification. 
 
It will consist of Union Finance Minister and state ministers as members.
 
Council will decide on the tax rate, will recommend the taxes to be included and excused from GST, the rates of taxation and the model Central, State and Integrated GST rules.
 
It will also decide the threshold for levy of the tax, as well as the dispute resolution mechanism, among other important issues.
 
President Pranab Mukherjee on Saturday said that it was the GST Council's responsibility to have one uniform rate of GST tax to be introduced across the country.
 
The Centre targets to implement the new pan-India indirect tax regime from April 1 next year. 
 
Government will have to pass the Central GST and Integrated GST Bills, while the states will need to approve their respective GST rules.