Consumer Food Price Index (CFPI):

Purpose: Measures retail price changes in food items.

Nature: Tracks inflation specifically for food items in the consumer basket.

Significance:

• Used by RBI to monitor inflation.
• Sub-component of the broader Consumer Price Index (CPI).

Launch: Published by CSO under MOSPI since May 2014.

Released for: Rural, urban, and combined categories.

Calculation: Follows CPI methodology on a monthly basis.

Base Year: 2012 (Revised from 2010 in January 2015).

The GST Council recently announced various recommendations relating to taxation, ITC claims and demand notices.

GST Council:

Constitutional Body: Established under Article 279A of the Indian Constitution.

Composition: Chaired by the Union Finance Minister; includes Union Revenue Minister and state finance ministers or nominees.

Responsibilities:

• Recommends GST rates, exemptions, laws, and supply principles.

Decision-making: Requires a three-fourths weighted majority of votes.

Quorum: At least half of total members required for a meeting.

Secretariat: Managed jointly by central and state government officials; funded by the central government.

Headquarters: Located in New Delhi, chaired by India’s Revenue Secretary.