GST Council at its meeting today will finalise the rules regarding registration, refunds and payment and also take a view on exemption of goods under the upcoming Goods and Services Tax (GST) regime. Finance Minister Arun Jaitley will chair the meet. The Council will also deliberate on a formula for payment of compensation to states for revenue loss in the aftermath of implementation of the GST. <br/><br/>AIR correspondent quoting official sources reports, the meeting is likely to finalise on the rules on GST and also a presentation will be made by the officials on compensation. While 2015-16 will be the base year for calculating revenue compensation to states for any loss of receipts arising from rollout of GST, the final methodology will be worked out in meeting. The Central government plans to roll out GST from April 1, 2017, and has lined up meetings of the GST Council to build consensus among the states.