New Delhi, (IANS) : The Goods and Services Tax (GST) Council has almost reached a consensus on compensating states for loss of revenue under the new revenue collection regime, which will permit a decision on the new tax structure at the next meeting, Finance Minister Arun Jaitley said on Wednesday.

“The Council meeting today discussed the issue relating to different rates of tax structure. Rates also depend on the source of funds, on the basis of which compensation to losing states will be funded. Decision on a rate structure is possible once this is decided,” Jaitley told reporters here after the meeting.

“We have virtually converged on a consensus. The technical issues will be sorted out and the formal decision will be announced at the next meeting,” Jaitley, who chairs the GST Council, said.

“The question is whether the compensation will be funded from the rate structure itself, or some other sources, or some cess. Once this becomes clear, it will be possible to decide on the rate structure,” he added.

The third meeting of the Council, that began on Tuesday, was cut short by a day.

Jaitley said the Council would meet next on November 3-4.