GST news: Centre will cover state revenue loss from GST rollout for 5 years


Udaipur: The GST Council yesterday approved a law to compensate states for any loss of revenue from the implementation of the new national sales tax, but deferred approval of enabling legislation at the next meeting.
The all-powerful GST Council will reconvene on March 4 and 5 to approve the GST Support Legislation (PWGSC) and Integrated GST (I-GST) Bill, days before the start of The second stage The budget session, which will begin on 9 March, where the Center hopes to have them approved. He will also approve the GST (S-GST) Act, Finance Minister Arun Jaitley said after the meeting.
Once the laws have been approved, the Council will look at setting the tax rates for the various goods and services by placing them in the four approved plates of 5, 12, 18 and 28 percent, he said.
Jaitley added that approval essentially means that the Center will provide to offset any revenue loss for states within the first five years of deployment of the GST regime.
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