“It is possible that some states may want assurances that existing revenues will be protected when they implement GST. The Commission is willing to consider providing for compensation in order to advance the implementation of a flawless GST,” he added.
Later in the day, finance ministry sources said that the government may compensate states for any revenue loss on account of the implementation of the GST to encourage states to adopt the new tax structure. Although the Centre is mulling a five-year compensation programme, states are of the view that there should not be any time-frame for compensation scheme.
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