GST Council on Saturday cleared law for compensating states for loss of revenue from GST implementation. The next meeting will take place on March 4 and 5.
The Law Ministry had earlier sent the approved language and draft of the model GST Law, which outlines how the new national sales tax will be levied on goods and services.
It is essential that enabling laws for GST are passed in second half of Budget Session to ensure its rollout from July 1. Legally vetted draft of GST Compensation Law approved by GST Council; to be taken to Parliament in 2nd half of Budget Session next month. One major meeting of GST Council will be required to give approval to putting goods and services in different tax slabs, said Finance Minister Arun Jaitley.