Prelims: Current events of national and international importance | Economy
Why in News?
The 57th GST Council meeting, recommended major procedural and administrative reforms to the Goods and Services Tax (GST) system.
- The reforms aim to reduce compliance costs, simplify registration, speed up refunds, reduce litigation and improve the ease of doing business.
- Effective from – 1 April 2027.
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GST Council
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- Constitutional basis – Article 279A of the Constitution.
- Amendment – 101st Constitutional Amendment Act, 2016.
- Established in – September 2016.
- Chairperson – Union Finance Minister.
- Members
- Union Minister of State in charge of Revenue or Finance.
- State ministers in charge of finance or taxation, or other nominated ministers.
- Key functions
- Recommend GST rates and exemptions.
- Recommend model GST laws.
- Recommend principles governing place of supply.
- Recommend special provisions for certain States.
- Address issues relating to the GST framework.
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Reference
The Hindu | GST Council Reforms 2026
