(PTI) Udaipur, Feb. 18 (PTI): The GST Council today approved a law to compensate states for any loss of revenue from the implementation of the new indirect tax regime but deferred approval for enabling laws to the next meeting. S-GST law, after approval of the council, will need to be passed by each state. Jaitley said the GST compensation law that provides for compensating states that suffer losses because of the implementation of the goods and service tax (GST) in the first five years was approved by the council today. "After incorporating these clarifications these laws will be cleared in the March 4-5 meeting in Delhi," Jaitley said. This was opposed by the Opposition-ruled states such as Delhi, Bengal, Kerala and Karnataka, which felt the reported "minutes of the meeting" do not reflect the decision taken at the GST Council.

Source: The Telegraph February 18, 2017 18:26 UTC