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Govt notifies GST Council

It will be chaired by the Union finance minister and have minister of finance or taxation or any minister chosen by each state as its member

Press Trust of India  |  New Delhi 

Govt notifies GST Council

The Centre has formally notified the (GST) Council, which will decide on the tax rate, exempted goods and the threshold under the new regime.

The council will be chaired by the Union Finance Minister and have Minister in charge of Finance or or any other Minister nominated by each State Government as its member. Also Minister of State in charge of Revenue or Finance at the Centre would be a member.

"In exercise of the powers conferred by article 279A of the Constitution, the hereby constitutes the Council...," said a government notification.

Earlier this week, the Union Cabinet had approved setting up of the Council, which is expected to thrash out a decision on all major aspects of roll out by November 22.

The first meeting of the Council will be held on September 22-23.

The government is planning to introduce GST legislations — — in Winter Session of in November. The legislation would mention the tax rate, exempted goods and also the threshold.

Prime Minister Narendra Modi too has directed all officers to ensure that steps are taken to stick to the April 2017 roll out date.

In his meeting with top officials on Thursday, Modi said the would need to have intensive meetings to be able to make timely recommendations relating to its mandate, including proposals relating to Model GST laws, GST rates, goods and services that may be subjected to or exempted from GST.

The Constitution (122nd Amendment) Bill, 2016, for introduction of GST in the country was accorded assent by the on September 8 and the same has been notified as the Constitution (One Hundred and First Amendment) Act,

According to the of the amended Constitution, the has to be constituted by the within 60 days of the commencement of Article 279A. The notification for bringing into force Article 279A with effect from September 12, was issued on September 10,

The government is keen to implement the biggest tax reform since Independence from April 1,2017, so as to ensure a smooth rollover to the changed tax structure from the beginning of the new financial year and avoid mid-year alterations.

First Published: Fri, September 16 2016. 13:57 IST