Finance
Minister (FM) Nirmala Sitharaman chaired her first GST Council meeting .
Sitharaman replaced Arun Jaitley as new FM under the Modi 2.0 government
The Speculations were rife that the Council in its 35th meeting under the new
FM would consider slashing Goods
and Service Tax (GST) on
electric vehicles to 5 per cent from 12 per cent.
The Council did not reduce the tax rate matter would be forwarded to the
fitment committee for further consideration.
Th topics that were discussed during the GST Council meeting were tax evasion
issue, extension of the tenure of the National Anti-profiteering Authority,
electronic invoices system.
The revenue position of states, the new return filing system, setting up an
appellate tribunal for north-eastern states and another one for all Union
Territories.
About
GST
Goods and Services Tax (GST) is an indirect tax (or consumption tax) imposed in
India on the supply of goods and services.
A comprehensive because it has subsumed almost all the indirect taxes.
The Multi-Staged in the production process but is meant to be refunded to all
parties in the various stages of production other than the final
consumer.
Destination based tax it is collected from point of consumption and not point
of origin like previous taxes.
