Consider the following statements with reference to the 45th GST Council meeting?
1. The Goods and Services Tax (GST) Council has recently decided to include petroleum products in the GST regime.
2. To shore up GST revenues, the Council has decided to form two groups of ministers (GoMs) that have to recommend measures within two months.
Which of the statements given above is/are correct?
A. 1 Only
B. 2 Only
C. Both A & B
D. None
Answer: 2 Only
Explanation:
The GST Council’s 45th meeting was held today in Lucknow under the chairmanship of the Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman. The Goods and Services Tax (GST) Council has decided to keep petroleum products out of the GST regime, while consumers will have to keep paying the Compensation Cess levied on products like automobiles till March 2026 instead of July 2022 as originally envisaged at the time of rolling out the indirect tax regime.
UPSC Daily Current Affairs Quiz Test 19 September 2021 Click Here