* Goods & Services Tax Council is a constitutional body for making recommendations to the Union and State Government on issues related to Goods and Service Tax.
* As per Article 279A of the amended Constitution, the GST Council which will be a joint forum of the Centre and the States, shall consist of the following members: –
o The Union Finance Minister (Chairperson)
o The Union Minister of State in charge of Revenue or Finance
o The Minister in charge of Finance or Taxation or any other Minister nominated by each State Government.
Goods and Services Tax (GST)
* The Goods and Services Tax (GST) is a value-added tax levied on most goods and services sold for domestic consumption.
* The GST is paid by consumers, but it is remitted to the government by the businesses selling the goods and services.
* GST is applicable on ‘supply’ of goods or services as against the old concept on the manufacture of goods or on sale of goods or on provision of services.
* GST is based on the principle of destination-based consumption taxation.
* It is a dual GST with the Centre and the States simultaneously levying tax on a common base. GST to be levied by the Centre is called Central GST (CGST) and that to be levied by the States is called State GST (SGST).
* Import of goods or services would be treated as inter-state supplies and would be subject to Integrated Goods & Services Tax (IGST) in addition to the applicable customs duties.
* CGST, SGST & IGST are levied at rates to be mutually agreed upon by the Centre and the States. The rates are notified on the recommendation of the GST Council.
# The Goods and Services Tax (Compensation to States) Act
* An Act to provide for compensation to the States for the loss of revenue arising on account of implementation of the goods and services tax in pursuance of the provisions of the Constitution (One Hundred and First Amendment) Act, 2016.