Centre States Headway On Key GST Issues.

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A meeting of the empowered committee of state finance ministers convened by finance Minister Arun Jaitely also agreed to include in the constitutional Amendment bill the mechanism of compensating states for any loss of revenue in first five years of GST subsuming all indirect taxes levies including VAT.

Making headway on the long pending Goods and services Tax (GST) bill the centre and states have agreed on the principle that the tax rate will be lower than the current levels even as the broad consensus emerged than the rate should not be part of the statue.

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