Amazon

Shoes

GST- council power and functions

-

  

GST- council power and functions


GST council is the main decision making body that has been formed to finalize the design of GST. This governing body of GST comprises of Union Finance Minister who is the chairman of the council, the Minister of state (Revenue) and the state Finance/Taxation Ministers. The duty of the council is to make recommendations to the union and the states. It has been provide in the constitution Act, 2016 that the GST council, in its discharge of various functions, shall be guided by the need for a harmonized structure of GST and for the development of a harmonized national market for goods and services.

The function of GST council includes making recommendation on:

  • Taxes, cesses, and surcharges levied by the Centre, States and local bodies which may be subsumed in the GST.
  • Goods and services which may be subjected to or exempted from GST.
  • Model GST laws, principles of levy, apportionment of IGST and principles that govern the place of supply.
  • Threshold limit of turnover below which goods and services may be exempted from GST.
  • Rates including floor rates with bands of GST.
  • Special rates to raise additional resources during any natural calamity.
  • Special provision with respect to Arunachal Pradesh, Jammu and Kashmir, Manipur, Meghalaya, Mizoram, Nagaland, Sikkim, Tripura, Himachal Pradesh and Uttarakhand and
  • any other matter relating to the GST, as the Council may decide.

The GST Council shall also recommend the date on which GST will be levied on petroleum crude, high speed diesel, motor spirit (commonly known as petrol), natural gas and aviation turbine fuel.

 

As per Article 279A (4), the council will make recommendations to the union and states on important issues related to GST, like:

 

  • The goods and services that may be subjected or exempted from GST.
  • Principles that govern place of supply.
  • Threshold limits
  • GST rates including the floor rates with bands, special rates for raising additional resources during natural calamities/disasters.
  • Special provisions for certain states etc
  • Transition provisions.

 

 

 

 

 

 


Comments

Post a Comment

Popular posts from this blog

Power and functions of Income Tax Authorities

-
THE POWER AND FUNCTIONS OF INCOME TAX AUTHORITIES: CBDT: 1. The board can declare any association whether incorporated or not and whether Indian, or Non Indian as company under the provision of Section 2(17) 2. The board has power to determine the jurisdiction of various authorities mentioned in this act. ( Section 118) 3. The board may issue directions for the exercise of powers and performance of the functions by all or any of these authorities. While issuing such direction the Board will keep in mind any of the following criteria such as: territorial area, persons or classes of person, incomes or classes of incomes and cases or classes of cases. (section 120(1) and (3) 4. The board may authorise by general or specific order, director general or director to perform the powers of any of the income tax authorities. (section 120) 5. The board may authorise any of the authorities to exercise its power concurrently with any pother authority. In case such notification is issued
Read more

CENTRAL BOARD OF DIRECT TAXES AND ITS POWERS

-
Central Board of Direct Taxes is the highest authority in the administrative set of the Income tax department. It was constituted under the provision of Central Board of Revenue Act 1963. The board functions under the control of Ministry of Finance, Government of India. Its jurisdiction is whole of India.  POWERS OF CBDT: The whole of income tax department is to be looked after by the board. It has to perform the function of administration, supervision and control of entire income tax structure in India. The orders and directions issued by the board are to be compared with all the subordinate authorities. The income tax Act provides following specific powers to the board: 1. The board can declare any association whether incorporated or not and whether Indian, or Non Indian as company under the provision of Section 2(17) 2. The board has power to determine the jurisdiction of various authorities mentioned in this act. ( Section 118) 3. The board may issue directions for th
Read more

Income Exempted under section 10 (U/S 10) of Income Tax Act 1961

-
Section 10 of Income tax Act is related to incomes which are totally exempted from tax, so in computing the total income of any previous year of any person, any income falling within any of the following clauses shall be exempted: 1. Agricultural Income [Section 10 (1)]:-    Agricultural income from land situated in India is fully exempted. 2. Any sum received by a Co-parcener from Hindu Undivided Family (H.U.F) [Section 10 (2)]:-    Any sum received by an individual as a member of a Hindu Undivided Family, where such sum has been paid out of the income of the family, or in the case of any impartible estate, where such sum has been paid out of the income of the estate belonging to the family is fully exempted. This is subject to the provision of section 64 (2) 3. Share of Income from the Firm [ Section 10 (2A)]:- In case of a person being a partner of a firm, which is separately assessed as such, his share in the total income of the firm shall be fully exempted. The share of partner in
Read more