Central Government proposes to implement GST in phased manner. The finnace minister Pranab Mukherjee said that a single rate will be achieved both in CGST and SGSTS in the third year of the implementation of the GST.Addressing the Empowered Committee on GST in New Delhi this evening, Mr. Pranab Mukherjee said that States have also been asked to keep the same rate. He maintained that this approach will ensure a single rate for CGST and SGST in the range of 12 to 20 per cent in the first fiscal year of its implementation. He assured that states will be compensated by the Centre for the revenue losses during 2009-10 and the balance outstanding amount will be released to them immediately.