Finance Minister Arun Jaitley on Thursday chaired a meeting with the chairman and members of the empowered committee of state finance ministers.
The meeting is being held to discuss the challenges in rolling out the Goods and Services Tax (GST).
The Centre is reportedly working towards rolling out the GST from April 1, 2016, and is in discussion with the states to shield their revenues from the impact of the GST.
The GST will include indirect taxes like excise duty and service tax at the central level and VAT and local taxes on the states front.
The GST Constitutional Amendment Bill which was introduced in the Lok Sabha in 2011 had lapsed.
The National Democratic Alliance (NDA) Government will now be required to come up with a fresh bill.
The states have so far been demanding that petroleum, alcohol and tobacco should be kept out of the purview of GST.
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