Draft law for states' compensation to be ready by November 15

Growth rate of 14% would be taken for calculating the likely revenue of each state in first 5 years

The Centre is set to draft the goods and services tax (GST) compensation law by November 15 for discussion in the next meeting of the GST Council, slated for November 24-25. States had demanded such a law to fully compensate them for a period of five years for the likely revenue loss they might incur. The law is likely to be approved in the next Council meeting. 

“The Compensation Bill will include a range of clauses clearly defining each term, leaving no scope for ambiguity. That a separate account will be created for income for cess solely for compensating states