Making some headway, the GST Council on Saturday approved a law to compensate states for any loss of revenue from implementation of the new national sales tax but deferred approval for enabling laws to next meeting. Jaitley said the GST Compensation Law that provides for compensating states that incur losses because of implementation of the Goods and Service Tax (GST) in first five years was approved by the Council today. The Finance Minister also hoped to get the C-GST and I- GST laws approved in the month-long session. S-GST law, after approval of the Council, will need to be passed by each state legislature. The GST Council, headed by Jaitley and comprising of representatives of all states, held its first of the 10 meetings so far outside the national capital.

Source: Indian Express February 18, 2017 15:33 UTC