Goods and Services Tax: concurrent Union-State taxing power, tax subsumption, and a GST Council for rates and compensation.

Introduction of a national Goods and Services Tax conferring concurrent taxing power on Union and States, subsuming specified Central and State indirect taxes, establishing an Integrated GST for inter State supplies, and permitting a temporary additional inter State tax assigned to origin States; petroleum and alcoholic liquor for human consumption are excluded from initial coverage with deferred inclusion of petroleum. A permanent Goods and Services Tax Council chaired by the Union Finance Minister will recommend rates, exemptions and thresholds, with decisions by weighted voting allocating one third weight to the Union and two thirds to the States; transitional provisions and State revenue compensation are provided.

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