In an advancement towards Goods and Services Tax (GST) enrolment, a draft law for compensating states on the revenue losses incurred due to the implementation of GST was cleared today. "Council approved compensation law that will legally provide for centre making up for any loss of revenue to states in first 5 years", said Arun Jaitley after a marathon meeting with states' representatives in Udaipur today. The draft law was cleared in the 10th GST Council meeting. Also read: GST: CAG wants power to seek 'any information' for audits. Council objectsAlso read: India's biggest tax reform: Demonetisation plays spoilsport for GST roll-out due in AprilCoastal states too raised the issue of control over tax collection.

Source: India Today February 18, 2017 16:52 UTC