The GST Council is the apex body for decision- making on GST in India, comprising the Union Finance Minister, Union Minister of State for Revenue, and state Finance Ministers. It determines tax rates, exemptions, and thresholds.
Consider the following statements: 1. The GST Council is chaired by the Union Finance Minister and the Minister of State-in-charge of Finance at the centre is a member. 2. The GST Council will decide the tax rate, exempt goods and the threshold under the new taxation regime. 3. State Governments will have the option to levy VAT, if they so decide. Of these :
Asked in RO ARO pre 2016 · Topic: Fiscal Policy & Revenue (Taxation System in India: Direct, Indirect taxes, and Tax Reforms (including GST))
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- During which Five Year Plan, did Indian agriculture grow at the highest rate?
- The VAT stands for:
- During which Five Year Plan, India has achieved the maximum per-capita growth rate?
- In which one of the Five Year Plans, was the EXIM Bank established in India ?
- Annual rate of inflation during 9th and 10th Plan in India was
- Which Five Year Plan had a unique feature to lay down specific targets for each state in consultation with the State Government ?