Amid speculations over the finalization of the model GST law, the Goods and Service tax council, headed by Finance Minister Arun Jaitley, has today approved the Draft Compensation Bill. Following the 10th meeting of the GST council, comprising representatives of all states, sources had confirmed that the government will be bringing this bill in the next parliamentary session.Earlier, the law ministry had sent the approved language and draft of the Model GST Law, which outlines how the new national sales tax will be levied on goods and services.

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