GST Current Affairs

Highlights of Economic Survey 2017-18

Union finance Minister Arun Jaitley tabled the Economic Survey 2017-18 in Parliament during 2018 budget session. The survey was authored by chief economic adviser in the finance ministry Arvind Subramanian. The survey projects economy to grow in the range of 7% to 7.50% in the next fiscal year 2018-19 in the post-demonetisation year. Suvey 2017-18 was in pink colour to highlight gender issues.

Key Highlights of Survey

Growth Forecast: The real GDP growth projections for 2017-18 is expected to be around 6.75%, which is further expected to reach to 7-7.5% in 2018-19 driven by major reforms initiated by the government. There was reversal of declining trend of GDP growth in second quarter of 2017-18. The growth during this period was led by industry sector. Agriculture, industry and services sectors are expected to grow at the rate of 2.1%, 4.4%, and 8.3% respectively in 2017-18. read more..

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Lok Sabha passes GST (Compensation to States) Amendment Bill, 2017

The Lok Sabha has passed the Goods and Services Tax (Compensation to States) Amendment Bill, 2017. The Bill amends the GST (Compensation to States) Act, 2017 and replaces an Ordinance promulgated in September 2017.

The amendment bill increases maximum rate at which Compensation Cess can be levied from 15 to 25% on motor vehicle for transport of not more than 13 persons (mostly luxury vehicles ), including the driver and motor vehicles falling under mentioned sub-headings

GST (Compensation to States) Act, 2017

The purpose this law is to provide compensation to state for a period of five years from the date on which the state brings its State GST Act into force. It allows the Union Government to notify rate of the GST Compensation Cess on items such as pan masala, coal, aerated drinks, and tobacco, subject to certain caps. The amount received by levying GST Compensation Cess is used to compensate states for any loss in revenue following the implementation of GST. The receipts from the cess will be deposited to a GST Compensation Fund. The receipts will be used for compensating states for any loss due to the implementation of GST.

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