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Goods and Services Tax Council (GST) Video Lecture | Famous Books for UPSC Exam (Summary & Tests)
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FAQs on Goods and Services Tax Council (GST) Video Lecture - Famous Books for UPSC Exam (Summary & Tests)
| 1. What is the Goods and Services Tax Council (GST)? |  |
Ans. The Goods and Services Tax Council (GST) is a constitutional body in India responsible for making recommendations on issues related to goods and services tax. It consists of the central and state governments as members and is chaired by the Union Finance Minister.
| 2. What is the role of the GST Council? | |
Ans. The GST Council plays a crucial role in the implementation and administration of the Goods and Services Tax in India. Its main responsibilities include recommending tax rates, exemptions, and thresholds, deciding the division of tax revenues between the central and state governments, and addressing any issues related to the GST.
| 3. How does the GST Council determine tax rates? | |
Ans. The GST Council determines tax rates based on various factors such as revenue requirements, inflation, and the need to provide relief to specific sectors. It follows a principle of consensus in decision-making, with each member having one vote. The final tax rates are then implemented through legislation.
| 4. What are the benefits of the GST Council? | |
Ans. The GST Council brings together the central and state governments to ensure cooperative federalism in tax administration. Its establishment has led to the harmonization of tax laws, reduction in tax evasion, and simplified tax compliance procedures. It also provides a platform for resolving any disputes or disagreements between the central and state governments.
| 5. Can the GST Council make changes to the GST law? | |
Ans. Yes, the GST Council has the power to recommend changes to the GST law. However, any changes proposed by the Council need to be approved by the Parliament and the respective state legislatures before they can be implemented. This ensures that the decision-making process remains democratic and transparent.
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Dec 25, 2024 Last updated |
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