Goods and Services Tax (GST) Council has finalised four-tier GST rate structure of 5, 12, 18 and 28 per cent. Briefing reporters after the GST council meeting, Finance Minister Arun Jaitley said, five percent tax will be levied on mass consumption items used by common people. He said, zero-tax rate will apply to 50 percent of items in Consumer Price Index basket, including foodgrains used by people. The Minister said, additional revenue from highest tax slab to be used to keep essential use items at five percent and transferring common items to 18 percent. Mr Jaitley said, fifty thousand crore rupees will be required to pay to states for loss of revenue in the first year of GST rollout. Luxuary cars, tobacco, aerated drinks will attract cess which will be used for compensation to the states. Compensation pool would be for five years. Surplus amount in the pool be shared on the basis of formula determined by the GST Council.