Explanation:

Only statement 3rd is correct.

The Finance Minister is the chairman of the GST Council. Presently, the Union Finance Minister Nirmala Sitharaman is the chairperson of the GST Council. The Goods and Services Tax Council or GST Council was instituted on 12th September 2016 to implement the GST. It was set up to decide issues relating to GST.

• GST council incorporates the following members – the Union Finance Minister, the Union Minister of State, and the Minister-in-charge of taxation or finance or any other Minister nominated by each State Government.

• The GST Council has 2 members from the Center and 31 members representing the states and union territories.

GST council and been notified bringing into existence the Constitutional body to decide issues relating to GST. On September 16, 2016, Government of India issued notifications bringing into effect all the sections of CAB setting firmly into motion the rolling out of GST.

• The 101st Amendment Act of 2016 paved the way for the introduction of the Goods and Services Tax in India, and accordingly, the President issued an order in 2016 and constituted the Council.

As per Article 279, the GST Council is “to make recommendations to the Center and the States on important issues relating to GST, such as whether goods and services may be exempted from or subject to GST, model GST laws”.

• The GST Council also decides on different rate slabs of GST.

As per Article 279A (4), the Council will 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.

Hence option 4th is correct.