News:The 37th Goods & Services Tax(GST) Council meeting was held on 20th September 2019.
Key Highlights of the meeting:
- Uniform GST rate of 12% to be levied on polypropylene bags and sacks used for packing of goods
- GST exempted on specified defence goods not manufactured in India
- Group insurance schemes for paramilitary forces under the Home Affairs ministry to be exempted from GST.
- GST rate on caffeinated beverages raised from 18% to 28% with 12% compensation cess. Aerated drink manufacturers shall not be under the composition scheme anymore.
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.