Oppn seeks 5-yr compensation to states

The BJP Thursday hailed the GST reforms as a historic measure that will benefit every section of society, while Opposition parties demanded that states be given compensation for five years for revenue losses.

- PRESS TRUST OF INDIA

‘The Opposition parties also hoped that reduction in rates would be passed on to consumers, even as the Congress said this reform is "GST 1.5" and wait for the "true GST 2.0" remains. Wide-ranging reforms were announced by the GST Council Wednesday, doing away with tax slabs of 28 per cent and 12 per cent, and initiating only two slabs of 5 per cent and 18 per cent under the tax regime. West Bengal Chief Minister Mamata Banerjee took credit for the GST Council decision to slash tax rates, saying, "I had demanded that insurance be exempted from GST. They were forced to do it. It was our protest that led to this change."