UDAIPUR: Inching towards rolling out of GST, the GST Council today approved a law to compensate states for any loss of revenue from the implementation of the new national sales tax but deferred approval for enabling laws to next meeting.
The all-powerful GST Council will meet again on March 4 and 5 to approve the legally vetted draft of the supporting legislations for Central GST (C-GST) and Integrated GST (I- GST), days before the start of the second leg of the Budget Session where the Centre is hoping to get them approved.
It will also approve the State GST (S-GST) law, Finance Minister Arun Jaitley said after the day-long meeting.
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 of 5, 12, 18 and 28 per cent, he said. (AGENCIES)
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