The Union Cabinet today approved the process, formation and functioning of the Goods and Services Tax (GST) Council. The council will consist of the Finance Minister and State Finance Ministers. It will make recommendations on important issues related to GST, including items and rates. 

President Pranab Mukherjee had given his assent to the 122nd Constitutional Amendment Bill last week which will pave the way for roll out of GST. Over 18 states have ratified the bill so far.
The GST is a single indirect tax which will subsume most of the central and state taxes such as VAT, excise duty, service tax and central sales tax. 
Revenue Secretary Hasmukh Adhia has said, government is fully geared up for deadline for Goods and Services Tax (GST) roll out which is 1st April next year. Briefing media in New Delhi, Mr Adhia said so far, government is ahead of time schedule in implementing GST. He said the first meeting of the newly constituted GST Council will be held on 22nd and 23rd of this month. Mr Adhia also said that Central government is also monitoring IT implementation at the state level. 

The Cabinet also approved creation of Higher Education Financing Agency (HEFA) for creation of infrastructure in premier educational institutions. It will help give a push for high-quality infrastructure in educational institutions. HEFA would be jointly promoted by an identified Promoter and Human Resources Development Ministry with authorized capital of two thousand crore rupees. Government equity will be one thousand crore rupees and would be a Special Purpose Vehicle. It would leverage equity to raise upto 20 thousand crore rupees for funding projects. 

The Cabinet gave its nod to the extension of contract between Ministry of Earth Sciences and the International Seabed Authority for exploration of Polymetallic Nodules for a period of 5 years. The contract is expiring on 24th March next year. By extending the contract, India's exclusive rights for exploration of Polymetallic Nodules in the allotted area in the central Indian Ocean basin will continue. It will open up new opportunities for resources of commercial and strategic value in area beyond national jurisdiction. It will also provide strategic importance for India in terms of enhanced presence in Indian Ocean.

The Cabinet also gave its nod to the signing and ratification of the Extradition Treaty between India and Afghanistan. The treaty will provide a legal framework for seeking extradition of terrorists, economic offenders and other criminals.

Cabinet also approved signing of the Technical Arrangement between India and Switzerland on the identification and return of Swiss and Indian Nationals and its implementation. 

It gave its ex post-facto approval for the Memorandum of Understanding between India and Kenya on cooperation in the field of National Housing Policy Development and Management. The MoU was signed in July this year at Nairobi during the visit of Prime Minister Narendra Modi.

Cabinet also approved the exchange of tariff concessions under the Fourth Round of Negotiations under the Asia Pacific Trade Agreement, APTA and related amendments. APTA is an initiative under the United Nations Economic and Social Commission for Asia and the Pacific for trade expansion through exchange of tariff concessions among developing country members of the Asia Pacific Region. #casansaar (PTI)