Finance Minister Arun Jaitley on Wednesday said that Goods and Service Tax (GST) Council will be meeting again on November 3-4 to decide the GST rate structure, a PTI report said.

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The meeting which was chaired by Finance Minister Arun Jaitley on compensating states said that they have converged towards a consensus and announcement will be made after the next GST Council meeting. 

As per the report, the GST Council meeting on November 9-10 to decide on draft legislations. 

Jaitley has said that the two standard rates 12% and 18% are under discussion. 

In yesterday's meeting, the council had suggested that the four slabs structure will include 6, 12, 18 and 26% with lower rates for essential items and highest band for luxury goods, even as it reached consensus on payment of compensation to states.

The Goods and Service Tax (GST) Council on Tuesday met in New Delhi to decide on key issues such as GST rates, service tax assessments and compensation to states by the Centre.

During the three day meet started from yesterday and which will go up to 20 October, the GST Council is supposed to decide on the tax rate, will recommend the taxes to be subsumed and exempted from GST, the rates of taxation and the model central, state and integrated GST laws.

Jaitley had said, that on the first day of the meet, GST Council has reached consensus on definition of revenue to compensate states for revenue loss from GST implementation.