New Register for Workshop on How to start for NABARD 2025 (Stepwise Plan) - Apr 26, 7 PM

    Question

    With reference to GST Council, consider the following

    statements I. It is considered as a federal body where both the Centre and the states get due representation. II. Both the Union and the state have equal voting weightage in decision making. III. Council's decisions are recommendatory in nature. Which of the following statements is/are correct?
    A I only Correct Answer Incorrect Answer
    B II only Correct Answer Incorrect Answer
    C III only Correct Answer Incorrect Answer
    D I and III both Correct Answer Incorrect Answer
    E II and III both Correct Answer Incorrect Answer

    Solution

    It is a constitutional body under Article 279A, introduced by the Constitution (One Hundred and First Amendment) Act, 2016. It is empowered to modify, reconcile or to procure any law or regulation based on the context of GST in India. It is also considered as a federal body where both the centre and the states get due representation. Functions: It makes recommendations to the Union and State Government on issues related to GST. Composition Chairperson: Union Finance Minister. Members: Union State Minister of Revenue or Finance and Ministers in-charge of Finance or Taxation of all the States. Every decision of the GST Council shall be taken at a meeting by a majority of not less than three-fourths of the weighted votes of the members present and voting, in accordance with the following principles, namely: Vote of the Central Government shall have a weightage of one third of the total votes cast. Votes of all the State Governments taken together shall have a Weightage of two-thirds of the total votes cast, in that meeting.

    Practice Next

    Relevant for Exams: