Union Cabinet approves formation of GST Council

The Union Cabinet on 12 September 2016 approved the process, formation and functioning of the Goods and Services Tax (GST) Council.
The GST Council and its Secretariat will be set up as per the following details:
•    Creation of the GST Council as per Article 279A of the amended Constitution
•    Creation of the GST Council Secretariat, with its office at New Delhi
•    Appointment of the Secretary (Revenue) as the Ex-officio Secretary to the GST Council
•    On 8 September 2016, President Pranab Mukherjee had given his assent to the 122nd Constitutional Amendment Bill. The Bill will pave the way for rollout of GST.
•    The new tax regime will do away with the indirect taxes. It will usher in one tax for the entire country.
•    Over 18 States have ratified the bill.
•    The GST is a single indirect tax, which will subsume most of the central and state taxes such as VAT, excise duty, service tax and central sales tax.