Current Affairs · Indirect Taxation Framework
The Goods and Services Tax (GST) Council functions as the apex constitutional body for rationalizing indirect tax structures in India. Which of the following statements regarding the structural features of GST is/are correct? 1. The primary standard tax rate structures are centered around core standard slabs, historically including 5%, 12%, 18%, and 28% rates. 2. Compensation cess is levied on top of the highest tax rate bracket for specific luxury and demerit goods like cigarettes and aerated drinks. 3. The GST Council is chaired by the Union Finance Minister and includes representatives from all States and Union Territories.
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