News:The Goods and Services Tax(GST) Council has constituted a 12-member committee of officials from states and Centre to suggest steps to augment revenue and improve compliance under the GST regime.
Why was the committee formed?
- The committee was formed after the gross monthly collection has fallen to a 19 month low of ₹91,916 crore in September,2019.
- The Government has set a target of collecting over ₹1 lakh crore every month during the current fiscal.
About the committee:
- The committee will have the officials from Centre and GST Network (GSTN).
- The committee will also have officials from Maharashtra, Tamil Nadu, Uttar Pradesh, West Bengal and Punjab who will represent the States.
- Any other State could also join the committee on a voluntary basis.
Terms of reference for committee:The committee will look into wider range of reforms such as
- systemic changes in GST including checks and balances to prevent misuse
- measures to improve voluntary compliance and anti-evasion measures using better data analytics and better administrative coordination.
- policy measures and relevant changes needed in the law and measures for expansion of tax base under the GST regime.
About GST Council:
- Goods & Services Tax(GST) Council is a constitutional body for making recommendations to the Union and State Government on issues related to Goods and Service Tax.
- As per Article 279A (1) of the constitution, the GST Council was constituted by the President.
- The council consists of the following members: (a) The Union Finance Minister is the Chairperson (b) The Union Minister of State in-charge of Revenue of finance and (c) The Minister In-charge of finance or taxation or any other Minister nominated by each State Government.