The GST council met for the third time today. This is a crucial meeting which will decide on the all-important GST rate, no decision yet on that so far. The Finance Minister said they have finalised the compensation formula. On the GST rate. The Council we understand is discussing rate slabs of 6%, 12%---18% and 26% - this is very different from what the panel led by the Chief Economic Advisor had proposed. Here is the Finance Minister and the State Finance Ministers of several states on key highlights of the first day of this very important 3-day meet.

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