Government to compensate states for revenue losses from new GST

New Delhi: India will compensate its state governments for revenue losses due to the new nationwide Goods and Service Tax (GST), which is targeted to be implemented on April 1, 2016, the Finance Minister said on Friday.

Arun Jaitley told reporters that petroleum products would be part of the new GST.

Earlier, Jaitley presented the GST bill to Parliament, pressing on with a key piece of reform to replace a myriad range of state taxes.