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GST Council clears Compensation Law (Relevant for GS Prelims and GS Mains Paper II, III)

What is compensation law?

The Goods and Services (GST) Council cleared the final version of the Compensation Law which seeks to stipulate the manner in which states will be recompensed in the event of a loss due to the implementation of GST. Compensation law, if a state has a loss, then for the first five years they will be compensated.

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