West Bengal Finance Minister Amit Mitra has been appointed as the Chairman of the Empowered Committee of State Finance Ministers on Goods and Services Tax (GST). He will succeed Kerala Finance Minister K M Mani who had to resign in November over corruption charges.
He was elected at the meeting of State Finance Ministers that was also attended by Union Finance Minister Arun Jaitley. With this, he becomes second chairman of the committee which is tasked to frame rules for rolling out of the ambitious GST regime in the country.
Amit Mitra is an economist by profession who had served as Secretary General of industry association FICCI before joining politics in 2011. He was appointed as Finance Minister of West Bengal government led by Chief Minister Mamata Banerjee.
Goods and Services Tax (GST) aims to bring uniform indirect tax regime throughout the country by subsuming central and state indirect taxes into single indirect tax. It seeks to enhance fiscal federalism by removing indirect tax barriers across states and integrate the country into a common market, boosting government revenue and reducing business costs. As the name suggests, it is a tax levied when a consumer buys a good or service. It is meant to be a single, comprehensive tax that will subsume all the other smaller indirect taxes on consumption like service tax, etc. This is how it is done in most developed countries.
So lets discuss some questions related to this article which can be asked in the upcoming exams :
1. Name the person who has been appointed as the new chairman of GST Committee ?
2. Expand the term GST.
3. Mr. Amit Mitra the new chairman of GST Committee replaced whom ?
Courtesy : The Hindu