GST issue may be resolved in 2-3 meetings of state FMs:Modi

"Many of the issues on which there was confrontation between the Centre and states, there is convergence now... I think in next two or three more meetings we will able to sort out differences between Centre and states (on GST implementation)", he said, after meeting Finance Minister P Chidambaram here.

Among others, the meeting was attended by Unique Identification Authority of India (UIDAI) chairman Nandan Nilekani, Revenue Secretary Sumit Bose and other senior officials of Finance Ministry.

Modi is also the chairman of the Empowered Committee of State Finance Ministers which is spearheading the drive to implement GST, a new indirect tax regime under which various levies including sales tax, service tax, octroi etc will be subsumed.

Referring to CST compensation issue, Modi said that the members of the Empowered Committee would meet with Chidambaram on November 8.

The issue was also discussed with Chidambaram, he said adding the response of the Union Finance Minister was positive. "...We are trying to find ways how to compensate states for CST loss", Modi said.

The states want the Centre to compensate them for loss of revenue following reduction of the Central Sales Tax (CST) from 4 per cent to 2 per cent. MORE