The Goods and Services Tax,( GST) Council today approved the primary drafts of Central GST and State GST laws but issues related to cross-empowerment and dual control remained to be sorted out, Finance Minister Arun Jaitley said stating that the CGST and GST draft laws comprise 197 provisions and five schedules.

Briefing reporters after the end of 7th meeting of GST Council in New Delhi, Mr Jaitley said the CGST is to be approved by Parliament while the SGST to be approved by States legislative Assemblies. Mr Jaitley also said, during its two day meeting, the council also cleared basic draft of compensation law.

He said, the states will be fully compensated for any loss of revenue for five years due to the implementation of GST.

He also said, the compensation to the states will be paid in every two month. Mr Jaitley also said, the key issues related to Integrated GST and dual control and the legally vetted language will be taken up in the next meeting of the GST Council on 3rd and 4th of January, 2017.

When asked if 1st of April next year deadline still stands for roll out the new tax regime, Mr Jaitley said, he is trying his best to do that.