New Delhi, Sept. 3 -- Opposition-ruled states will demand firm assurances from the Centre on compensation for revenue losses arising from the rationalization of goods and services tax slabs at the 56th GST Council meeting, before backing the proposed indirect tax reforms.

"It is the responsibility of the central government to cover for the losses of the state government on account of GST slab rationalization," said Jharkhand's finance minister Radha Krishna Kishore, warning that the state would face an estimated revenue loss of nearly Rs.2,000 crore because of the proposed reforms.

"We will approve their agenda if they compensate for the loss; otherwise, we will not. The state will suffer if compensation is not given," he added while sp...