GST Meet: 4 Rate Slabs Defined, Consensus on State Compensation

The third GST council meeting is going on at the Vigyan Bhawan in New Delhi.

Finance Minister Arun Jaitley briefing the media after the first day of the third GST Council meeting in New Delhi on Tuesday, 18 October 2016. (Photo Courtesy: Twitter/@FinMinIndia)

There will be four slabs of Goods and Services Tax (GST) rates, Kerala Finance Minister Dr TM Thomas Isaac said on the first day of the third GST Council meeting held in Vigyan Bhawan in New Delhi.

He also said that the GST Council has reached consensus on state compensation. The base year for state compensation will be 2015-16.

The GST Council has also reached a consensus on the definition of revenue to compensate states for the loss in revenue expected after GST is implemented, Finance Minister Arun Jaitley said.

(With PTI inputs)