FM Arun Jaitley : GST Council reaches consensus on State compensation; Discussion on tax-structure to continue

GST Council reaches consensus on definition of ‘revenue’ to compensate states for revenue loss from GST implementation, base year to be 2015-16; Includes ‘ITC reversal’ given in case of intra-state transfers in definition of ‘revenue’; Exempted amount (Central & State taxes) given to 8 North Eastern States and 3 hill States (‘special category’) as incentive also included under said definition; Council further concludes on 14% secular rate for calculating r...