It should not lead to conflict and the process should work out harmoniously between the Centre and the states,” Jaitley said. After this, the central GST and the integrated GST laws will have to be passed by Parliament and state GST laws by states by the end of the year. Speaking after a meeting of the empowered committee of state finance ministers, Jaitley said there was complete consensus on this issue. Jaitley said he has assured states that their losses in a GST regime will be compensated by the Centre. However, there was no consensus on what will be the revenue neutral rate under GST and the issue of dual control.

Source: Mint June 14, 2016 09:45 UTC