October 19, 2016 7:09 PM

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GST Council to take final decision on tax rate in next meeting <br/>

Finance Minister Arun Jaitley today said, the Goods and Services Tax,GST Council will take a final decision on rates of tax structure in the next meeting. It will meet on 3rd and 4th of next month. Briefing reporters after the 3rd meeting of the of Council in New Delhi, Mr Jaitley said, however, the Council has virtually converged towards a consensus on the issue.He said, the tax structure is dependent on the source of funds on the basis of which the compensation will be given to the loosing states because of implementation of GST. He said, once the the question of payment compensation is sorted out then the rates of tax structure will be decided. The issue of dual authority with regard to the assessment of the assessee was also discussed and no decision was taken in the meeting.

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