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

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

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

Plutus IAS Current Affair Team Member