GST Council to take final decision on tax rate today

October 19, 2016 09:06

The decision on the Goods and Services Tax rates, which will have four slabs, will be taken today by the GST Council that kicked off its three-day meeting yesterday.

On Tuesday, the Council reached a consensus on state compensation and the base year will be 2015-16. The meeting reached at a consensus on the way states would be compensated for any loss of revenue from implementation of the new indirect tax regime from April 1, 2017.

The finance ministry has set the November 22 deadline for building consensus on all the issues in the Council for rollout of the new indirect tax regime from April 1, 2017.

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