A transient high (GS-3, economy, The Hindu)

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04 May A transient high (GS-3, economy, The Hindu)

Posted at 04 May 2021 in Current Affairs, Economy, GS Paper III by
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Context:- GST collection hit all time high since inception, but the bumpy road ahead due to covid can’t be underestimated.

What is GST council and GST?

  • GST is an indirect tax which has subsumed many indirect taxes.
    • Under-> Article 279A GST council shall consist of the following members: –
  • the Union Finance Minister………………………. Chairperson;
  • the Union Minister of State in charge of Revenue or Finance……. Member
  • the Minister in charge of Finance or Taxation or any other
  • Minister nominated by each State Government…………….. Members.

Why GST council meeting should takes place:-

  • Pandemic is grappling the economy.
  • Slabs must rationalize as according to states.
  • Must rethink about revival of demand as demand will sink due to pandemic.
  • Cooperative federalism is the way forward.

 

Swarn Singh
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