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GST implementation: Govt. announces compensation to states for five years

ANI  |  New Delhi [India] 

The Goods and Services (GST) Council headed by Minister on Thursday announced the panels' consensus on significant issues including fixing the threshold limit for registration and full compensation for five years to the states for losses on account of the implementation.

The Council is expected to endorse the remaining two crucial bills including the State (SGST) and Union Territory GST (UTGST) here today.

The Council's nod will act as another decisive step in the run up to the implementation of the overhauled regime from July 1.

Also, it is likely that the council will add more cess to boost resources to compensate states. It will include Infra cess, industry Development cess and Swachh cess amongst others.

Earlier, the chaired by Jaitley approved the draft CGST Bill and the draft I GST Bill as vetted by the Union Ministry. It cleared the deck for the Central to take these two Bills to the for their passage in the ongoing Budget Session.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, March 16 2017. 12:28 IST