GST Council agrees on law for compensating states

New Delhi: The GST Council will meet again on Jan 3-4 to decide on dual control and IGST. Primary draft of CGST and SGST law has been approved by the Council today, Finance Minister Arun Jaitley said at the end of the two-day meeting of the GST Council.

He further said that legally vetted draft of law for compensation to states will be placed before GST Council at the next meeting.Compensation to states for loss of revenue from rollout of GST will be paid every two months, FM said.

States will be compensated 100 % of the loss which is directly attributable to GST implementation for a period of 5 years.FM Jaitley will hold budget consultations with state finance ministers in second half of GST Council meeting on Jan 3-4.

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Source:Zee news