GST Council Approves Law to Compensate States for Revenue Loss

GST Council Approves Law to Compensate States for Revenue Loss (नुकसान) 

The GST Council approved(को मंजूरी दी)  a law to compensate(मुआवजा देना)  states for any loss of revenue from the implementation(कार्यान्वयन)  of the Goods and Service Tax (GST) in the first five years,  on February 18, 2017 at the 10th GST Council Meet at Udaipur. The compensation bill will be

taken to Parliament in 2nd half of Budget Session to be held from March 9, 2017.  The next meeting of the council will be held on March 4-5, 2017 at New Delhi and will aim to approve the draft laws on Central GST, Inter State GST as well as State GST. After laws are approved, the Council will get down to fixing rates of taxes for different goods and services by fitting them into the four approved slabs (तख़्ता) of 5, 12, 18 and 28 percent.