GST Council to discuss on Model GST Law, Today

The GST Council at its two days meeting starting from today will finalise the Model GST law, IGST law and Compensation law at their two days meeting to roll out GST from April next year. At its last meeting the Council agreed to have four tier tax structure along with cess on luxury and Sin goods such as tobacco. The GST Compensation law provides that states will receive Compensation from the Centre for loss of revenue in first five year of GST implementation. The Compensation will be meet through levy of cess called “GST compensation cess” on Luxury or Sin goods.

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