CURRENT AFFAIRS

Detailed explanation-1: -The much awaited GST Council nominated Group of Ministers (GoM) report on taxation of online gaming, casinos and race courses was submitted by convener-Meghalaya Chief Minister Conrad Sangma to union Finance Minister Nirmala Sitharaman on Thursday.

Detailed explanation-2: -Constitution of Group of Members (GoM) for boosting Real Estate Sector under GST regime. 3. S-31011/12/2021-DIR(NC)-DOR. 5 Sep 2022.

Detailed explanation-3: -Central Board of Indirect Taxes & Customs (CBIC), Department of Revenue, Ministry of Finance is responsible for formulation of policy relating to levy and collection of Indirect taxes namely, Customs duty, Central Excise duty Central Goods and Service tax.

Detailed explanation-4: -As per Article 279A (1) of the amended Constitution, the GST Council has to be constituted by the President within 60 days of the commencement of Article 279A.

Detailed explanation-5: -The chairman of the GST Council of India is the Union Finance Minister Nirmala Sitharaman. The GST Council is a joint forum of the Center and the States, established by the President in accordance with Article 279A(1). The governing body of GST is the GST Council.