Zee Media Bureau
New Delhi: Finance Minister Arun Jaitley on Tuesday said that five different structures on GST rate structure were presented to the GST Council on the first day of the three-day meeting.
Five options on #GST rate structure presented to GST Council: FM Jaitley.
— Press Trust of India (@PTI_News) October 18, 2016
Jaitley also informed that the GST Council meeting has reached a consensus on definition of revenue to compensate states for revenue loss from GST implementation.
Beginning its crucial three-day meeting today, the GST Council is to 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 meeting is being chaired by Finance Minsiter Arun Jaitley.
Dr.T.M.Thomas Isaac, the finance Minister of Kerala also informed that the GST Council had reached consensus on state compensation with 2015-2016 as the base year.
There will be four slabs of GST rates, Isaac added.