Union Finance Minister Arun Jaitley said, the Centre and the states agreed on a timetable for deciding on GST rate and for completion of legislative business.Briefing media in New Delhi this evening after chairing the meeting Mr.Jaitley said, starting from today, the council has roughly 2 months to resolve all outstanding issues. Mr Jaitley said, GST council meet was held in true federal spirit. He said, two suggestions on threshold for exemptions was received. He expressed hope to converge on threshold for GST exemption by Friday.

The Minister also informed that the draft rules with regard to functioning of GST Council was circulated during the meeting. However a consensus eluded the 1st GST Council meeting on exemption limit for applicability of the new national sales tax.

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