FM Arun Jaitely in a meeting held in Udaipur, on Saturday, cleared law for compensating states for loss of revenue from goods and service tax (GST) bill implementation. 

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Jaitely in a PTI report commented, "The GST Council clears law for compensating states for loss of revenue from GST implementation."

The next meeting on GST bill implementation will be held on March 4, 2017 and March 5, 2017. 

In the next meeting, Jaitely said, "The GST council  to approve laws like Central Goods and Service Tax (C-GST), Integrated Goods and Service Tax (I-GST) and State Goods and Service Tax (S-GST)."

Jaitely added, "It is essential that enabling laws for GST are passed in second half of Budget Session to ensure its rollout from July 1."

Earlier a PTI report mentioned that the government is keen to roll out the new regime from July 1 but for that, it will have to get two laws - the C-GST Act and I-GST Act -- approved by Parliament and each of the state legislatives have to pass the S-GST Act.

Also, the legally vetted draft of GST Compensation Law approved by GST Council will be taken to Parliament in 2nd half of Budget Session next month.

Talking on different tax slabs, Jaitely said, "One major meeting of GST Council will be required to give approval to putting goods and services in different tax slabs."

(With inputs from PTI)