The Union Cabinet on Monday under the Chairmanship of Prime Minister, Shri Narendra Modi has approved setting up of Goods and Services Tax (GST) Council and setting up its Secretariate.

The GST Council will be headed by Finance Minister Arun Jaitley, comprising of 29 state representatives and two union territories.

The government targets to implement the new pan-India indirect tax regime from April 1, 2017.

" The Cabinet also decided to provide for adequate funds for meeting the recurring and non-recurring expenses of the GST Council Secretariat, the entire cost for which shall be borne by the Central Government", PIB release said.

The Council will make recommendations to the Union and the States on important issues related to GST, like the goods and services that may be subjected or exempted from GST, model GST Laws.

The Finance Minister has also decided to call the first meeting of the GST Council on 22nd and 23rd September 2016 in New Delhi.

Goodreturns.in