FY18 Budget likely to have estimate on GST compensation

With the passage of Goods and Services Tax Bill just a step away from reality, next year’s budget is likely to have a broad estimate on GST compensation, reports CNBC-TV18’s Sapna Das.

The Bill is likely to be implemented from April 1, 2017, and revenue loss in FY18 is indicated to be less than Rs 30,000 crore with GST rate at 18 percent, according to people privy to the development.  With GST rate at 20 percent, the compensation for states is expected to be at Rs 60,000 crore, they said. The actual revenue loss, however, will only be known a year after the rollout. 

Besides, amendments in clauses 1, 9, 10, 12, 18 and 19 are also expected.

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