GST council clears draft compensation bill

February 18, 2017 18:48

The GST council has approved the draft compensation bill for states for loss of revenue from GST implementation.

The government will table the bill in the next session of Parliament.

"The Draft Compensation Bill has been approved in the GST Council meeting. The government will present the Bill to Parliament in next session," Finance Minister Arun Jaitley said after the GST council meeting today.

"Next GST meeting will be held on March 4-5 in Delhi and the government is expecting to clear IGST and SGST bills in this meeting. It will also discuss slabs for commodities in next meeting," Jaitley said.

"The GST council will then require one major meeting after March 4-5 to approve GST bill specifics," Jaitley added.

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