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 in New Delhi. <br/><br/>Briefing reporters after the 3rd meeting of the of Council in New Delhi, Mr Jaitley said, the Council has virtually converged towards a consensus on the issue.<br/><br/>He said, the tax structure is dependent on the source of funds on the basis of which the compensation will be provided to the losing states because of implementation of GST.<br/><br/>Mr Jaitley said, once the the question of payment compensation is sorted out then the rates of tax structure will be decided. He said the issue of dual control of authority with regard to the assessment of the assessee was also discussed and no decision was taken in the meeting.<br/><br/>Mr Jaitley said, once the issues of Tax structure and assessment then the Council will discuss the draft legislation in its fifth meeting, which is tentatively scheduled on 9th of November.
News On AIR | October 19, 2016 8:07 PM
GST Council to take final decision on tax rate in next meeting: Jaitely