Lok Sabha passes GST (Compensation to States) Amendment Bill

The Lok Sabha on Wednesday passed the GST (Compensation to States) Amendment Bill, 2017. The Bill will amend the Goods and Services Tax (Compensation to States) Act, 2017 that seeks to provide compensation to the States for the loss of revenue caused due to implementation of GST and will replace the earlier Ordinance promulgated in September of this year in which the tax on motor vehicles was increased to 25% from an initial 15%.