CURRENT AFFAIRS

Detailed explanation-1: -Nirmala Sitharaman chaired the 41st GST Council meeting via video conferencing.

Detailed explanation-2: -Nirmala Sitharaman is the chairperson of the GST Council.

Detailed explanation-3: -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.

Detailed explanation-4: -2022 towards the balance GST compensation for the period April to June, 2022 (State-wise details as per Table below). The total amount of compensation released to the States/UTs so far, including the aforesaid amount, during the year 2022-23 is Rs. 1, 15, 662 crore.

Detailed explanation-5: -As per Section 18 of the Constitution (101st) Act, 2016, Parliament “shall, by law, on the recommendation of the GST Council, provide compensation to States for loss of revenue arising on account of implementation of the Goods and Services Tax for a period of five years from the date of its implementation.”