The Centre has assured the states that they will be provided compensation for loss of revenue because of implementation of the Goods and Services Tax, GST, for a period of five years. Giving this information in the Lok Sabha in a written reply today, Finance Minister Arun Jaitley said that necessary provision has been made in the Constitution Amendment Bill. <br/><br/>He said that the government intends to introduce the GST from 1st April next year. Mr. Jaitley said that the GST is expected to benefit all the stakeholders. It will simplify the indirect tax regime in the country. The Finance Minister said that the GST is expected to reduce cost of production. As a result, the Indian trade and industry will become more competitive domestically and internationally.