The Centre is closer to finding a solution to approve a legislative scheme, which enables the introduction of Goods and Services Tax (GST), Union Minister of State for Commerce and Industry Nirmala Sitharaman said on Monday. “Several meetings have been held with representatives from states and all would think we are closer to a solution on the GST,” Ms. Sitharaman told reporters on the sidelines of an interaction with stakeholders in coffee industry in Bangalore. The Finance Ministers of states have been pressing for lowering the threshold limit to Rs 10 lakh for imposing GST on entities and asked the Centre to specify GST compensation structure for five years in the Constitutional Amendment Bill.

Source - http://www.thehindu.com