GST council is a constitutional body in India that was established on 15th September 2016. The council is responsible for overseeing and administering the implementation of GST in India.
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The Composition of GST Council
- Union Finance Minister (Chairperson)
- Union Minister of State in charge of Revenue or Finance
- The finance ministers of all the states and union territories with legislatures
- The chief minister or minister in charge of finance of states or union territories without legislatures
Functions of GST Council
- Deciding the tax rate structure for goods and services
- Deciding on the exemption and threshold limits for goods and services
- Monitoring the implementation of GST across the country
- Addressing any issues or concerns raised by the state governments regarding GST implementation
- Making recommendations to the government on any changes or amendments to the GST law
The decisions taken by the GST Council are binding on both the central and state governments.