GST compensation base set to include ITC reversals; CST at 2% and projected growth rate fixed at 14%. The Council fixed components and formulas for GST compensation: include ITC reversals and specified devolved receipts in the 2015-16 revenue base; count State-granted tax exemptions subsumed in GST for eleven Special Category States; calculate CST at 2% for the base year; and adopt a fixed projected growth rate of 14% for the five-year compensation period. The Council presented a provisional four-slab rate structure (6%, 12%, 18%, 26%) and discussed funding compensation by a dedicated cess, but deferred final decisions on compensation mechanism and rate bands for further officer-level examination.