Goods & Services Tax Council
Goods & Services Tax Council is a constitutional body for making recommendations to the Union and State Government on issues related to Goods and Service Tax.
As per Article 279A (4), the Council is intended to make recommendations to the Union and the States on important issues related to GST, like the goods and services that may be subjected or exempted from GST, model GST Laws, principles that govern Place of Supply, threshold limits, GST rates including the floor rates with bands, special rates for raising additional resources during natural calamities/disasters, special provisions for certain States, etc.
GST Council has 33 members & is Chaired by Union Finance Minister of India : Shri Mr. Arun Jaitley
Website URL : http://www.gstcouncil.gov.in
Email : email@example.com
IVCA is seeking for GST exemption for the AIFs with foreign funds, since under GST legislations, AIF is considered as distinct person with its location being in India and GST being a destination based tax.
Internationally, countries like Singapore, Ireland, Belgium etc provide benefits in the form of GST rebate rate to local asset management industry and to encourage domiciling of funds.
Likewise, to boost VCPE sector in India, we proposed for an exemption of GST to foreign Investors of AIFs, or an alternative approach, to amend the section 147 of the CGST and SGST Acts, which includes the term "Deemed Export" that is restricted to supply of goods to additionally include supply of services provided from India by an AIF fund manager.