GST Ordinance to be replaced with Bill

The Cabinet on Friday approved replacing the Goods and Service Tax (Compensation to States) Ordinance by a bill, sources said. The GST (Compensation to States) Act 2017 aims to provide for compensation to the states for the loss of revenue arising on account of implementation of Goods and Service Tax Act, they said. It provides for imposition of compensation cess on intra-state/ inter-state suppli…