Updated on Nov 17, 2018 15:58:21

 

 

GST Council has almost reached consensus on tax rates : Arun Jaitley

The Union Minister for Finance and Corporate Affairs, Shri Arun Jaitley briefing the media after the conclusion of the 3rd meeting of the GST Council, in New Delhi on October 19, 2016. The Minister of State for Finance, Shri Santosh Kumar Gangwar, the Revenue Secretary, Dr. Hasmukh Adhia and other dignitaries are also seen.
The Union Minister for Finance and Corporate Affairs, Shri Arun Jaitley briefing the media after the conclusion of the 3rd meeting of the GST Council, in New Delhi on October 19, 2016. The Minister of State for Finance, Shri Santosh Kumar Gangwar, the Revenue Secretary, Dr. Hasmukh Adhia and other dignitaries are also seen.

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5 Dariya News

New Delhi , 19 Oct 2016

The Goods and Services Tax (GST) Council has almost reached a consensus on compensating states for loss of revenue under the new revenue collection regime, which will permit a decision on the new tax structure at the next meeting, Finance Minister Arun Jaitley said on Wednesday."The Council meeting today discussed the issue relating to different rates of tax structure. Rates also depend on the source of funds, on the basis of which compensation to losing states will be funded. Decision on a rate structure is possible once this is decided," Jaitley told reporters here after the meeting. "We have virtually converged on a consensus. The technical issues will be sorted out and the formal decision will be announced at the next meeting," Jaitley, who chairs the GST Council, said."The question is whether the compensation will be funded from the rate structure itself, or some other sources, or some cess. Once this becomes clear, it will be possible to decide on the rate structure," he added. The third meeting of the Council, that began on Tuesday, was cut short by a day. 

Jaitley said the Council would meet next on November 3-4.

 

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