GST Council meeting cleared the Draft Compensation Bill at the 10th Council meeting held in Udaipur today. Draft compensation bill aims at compensating the state for losses of revenue from implementation of GST.

Finance Minister Arun Jaitley informed media that the council did not take up the anti-profiteering clause in today’s meeting. The next meeting of the Council is scheduled on March 4-5 in New Delhi. C-GST, I-GST and S-GST laws will be approved in the next meeting. Post the next meeting, there will be another meeting for approving the structure for placing goods and services under different tax slabs.

Council’s last meeting was held on January 16 in New Delhi. It was agreed in that meeting for states to have a say in taxpayer division. It was decided in that meeting to provide States a concession over and above 90:10 division for annual turnover < Rs 1.5 Cr and an equal share of assessment over Rs 1.5 Cr.

Readers may note that Goods and Services Tax (GST) aims at merging most of the multiple existing taxes into single taxation system.