On makeover drive: Govt constitutes GST council

    Arun Jaitley
    Making up for the lapsed time due to political reasons, the government is now moving swiftly ahead on the implementation of GST Bill, the Finance Ministry has notified the provisions of the Constitution (One Hundred and First Amendment) Act, 2016 allowing setting up of the crucial Goods and Services Tax (GST) Council. The GST Council, chaired by the Union Finance Minister and includes State Ministers as members, will decide on all key issues relating to the indirect tax levy, including the rateslle, has come into effect from September 12. The Central Government hereby appoints the 12th day of September, 2016 as the date on which the provisions of section 12 of the said Act shall come into force, said the notification. It may be recalled that President Pranab Mukherjee gave his assent to the Constitution Amendment Act on September 8 and the government is hoping to roll out the indirect tax levy from April 1, 2017. According to the provisions of the Constitution Amendment Act, the GST Council will have to be set up within 60 days of its notification. The setting up of the Council is crucial to finalize the modalities of the new tax system. It will also decide the threshold for levy of the tax, the date from which GST will be applicable to petroleum products as well as the dispute resolution mechanism.
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