Question

Goods and Service Tax Council (GST) of India is headed by:
1. Prime Minister
2. Finance Minister
3. Finance Secretary
4. Speaker of Lok Sabha

Answer 1

Correct Answer - Option 2 : Finance Minister

The correct answer is Finance Minister.

• GST Council is the governing body of GST with 33 members.
• Goods and Service Tax Council (GST) of India is headed by the union finance minister.
• The GST Council's first chairman was Arun Jaitley.
• The GST council is currently chaired by Union Finance Minister Nirmala Sitharaman.
• The GST council is established under Article 279 A of the Indian constitution.

• Under GST present goods and services are taxed at 0%, 5%, 12%, 18% & 28%.
• GST (Goods and Services Tax) is an indirect tax in India that applies to the manufacture, sale, and consumption of goods and services.
• In India, the Goods and Services Tax (GST) went into effect on July 1, 2017.
• As part of the 101st Amendment, the GST was enacted.
• The state of Assam was the first to approve the GST bill.
• Odisha is the 16th state to vote in favor of the GST bill.
• GST implementation needs the assent of 16 states.