The three-day meeting of GST Council, will decide on the tax rate and sort out issues like compensation formula for rollout of the new indirect tax regime from April 1, 2017. The crucial three-day meeting of the all-powerful GST Council, starting Tuesday, will decide on the tax rate and sort out issues like compensation formula for rollout of the new indirect tax regime from April 1, 2017. The finance ministry will try and reach a consensus on the key issues so that the subsequent central GST (CGST) and integrated GST (IGST) legislations can be introduced in the month-long Winter Session of Parliament beginning November 16. Finance Minister Arun Jaitley had last week said tax on environment-unfriendly products will be "distinct" from others in the GST framework. As for the formula for the Centre compensating loss of revenue to states, 3-4 alternatives were discussed at the first meet, but a decision could not be reached.

Source: dna October 17, 2016 14:37 UTC