Goods and Services Tax Council: Meaning and Definition

What does Goods and Services Tax Council mean?

Goods and Services Tax Council is another name for GST Council. The GST Council is India's constitutional body comprising Union and State finance ministers that makes recommendations on GST rates, rules, exemptions, and administrative procedures.

The two names mean the same thing. You will see "Goods and Services Tax Council" in some ledgers, reports and contracts and "GST Council" in others. The full entry covers how it works, with examples.

Read the full definition of GST Council

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GST basics

From the glossary

Related terms.

GST basics GST Council The GST Council is India's constitutional body comprising Union and State finance ministers that makes recommendations on GST rates, rules, exemptions, and administrative procedures. Also called Goods and Services Tax Council GST basics GST (Goods and Services Tax) India's unified indirect tax that replaced multiple central and state levies, creating a single national market for goods and services. Also called Goods & Services Tax GST basics Anti-Profiteering Anti-profiteering under GST requires businesses to pass on the benefit of tax rate reductions or increased ITC to consumers through proportionate price reductions. Also called anti-profiteering provisions, section 171 of the CGST Act GST basics Composition Scheme The Composition Scheme is a simplified GST compliance option for small taxpayers with turnover up to Rs. 1.5 crore, allowing them to pay tax at a fixed rate without maintaining detailed invoicing records. Also called GST composition scheme, composition levy, section 10 composition E-invoicing E-Invoice A GST invoice authenticated in real time by the Invoice Registration Portal and assigned a unique Invoice Reference Number (IRN) and QR code. Also called electronic invoice, e-invoicing, GST e-invoice GST basics HSN Code (Harmonized System of Nomenclature) An internationally standardized numerical code used to classify goods for taxation and trade purposes under India's GST system. Also called HSN, harmonised system code, HS code

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