A meeting of the empowered committee of state finance
ministers convened by finance Minister Arun Jaitely also agreed to include in
the constitutional Amendment bill the mechanism of compensating states for any
loss of revenue in first five years of GST subsuming all indirect taxes levies
including vat in Company formation in India.
Making headway on the long pending Goods and services Tax
(GST) bill the centre and states have agreed on the principle that the tax rate
will be lower than the current levels even as the broad consensus emerged than
the rate should not be part of the statue.
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