Which was the first country to introduce Goods and Services Tax (GST) and when? What are the functions of the GST Council in India?
CS Professional · Advanced Tax Laws and Practice · PYQS · December 2016
Which was the first country to introduce Goods and Services Tax (GST) and when? What are the functions of the GST Council in India?
Answer & Explanation:
France was the pioneer who first introduced GST in the Year 1954. Functions of the GST Council To recommend rate of taxes, cesses and surcharges to be levied by the Centre, States and local bodies. To list goods and services which may be subjected to or exempted from GST. To design model of GST laws and principles. To fix the threshold limit of turnover below which exemption may be given. To recommend the floor rates and special rates. To suggest special provisions for North East States and other hilly areas.
Topics: Indirect Tax
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