Odisha News Insight

Union Cabinet approves to form GST Council

GSTThe Union Cabinet on Monday approved to set up the process, formation and functioning of the Goods and Services Tax (GST) Council.

The GST council, which is created as per Article 279A of the amended Constitution, will consist of the Finance Minister and State Finance Ministers. Its office will be set up in New Delhi. It will make recommendations on important issues related to GST, including items and rates.

According to official release, the Council will hold its first meeting on September 22 and 23.

Notably, President Pranab Mukherjee had given his assent to the 122nd Constitutional Amendment Bill On Thursday, which will pave the way for rollout of GST.

The new tax regime will do away with the indirect taxes and usher in one tax for the entire country. Over 18 States have ratified the bill. The GST is a single indirect tax which will subsume most of the central and state taxes such as VAT, excise duty, service tax and central sales tax.

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