The Indian economy is set to revert to its trend growth rate of 7.5 percent in the coming years as it bottoms out from the impact of the Goods and Services Tax (GST) and demonetization, a new World Bank report says.
Comparing the design of India’s GST system with those prevailing internationally, we note that the tax rates in the Indian GST system are among the highest in the world. The highest GST rate in India, while only applying to a subset of goods and services traded, is 28 percent, which is the second highest among a sample of 115 countries which have a GST (VAT) system and for which data is available (Figure 61). Table 8 compares the highest and lowest standard tax rate (i.e. the tax rate that applies to the majority of transactions) across regions around the globe and shows that India has the highest standard GST rate in Asia. The table also highlights that the ASEAN region has the lowest rates as compared to the other regions.
The Lok Sabha has introduced the Notice of Amendments to the Finance Bill, 2018 on 12 March 2018. Please find below an analysis of the amendments which are effective from Financial Year 2018-19 (i.e. Assessment Year 2019-20), except as provided otherwise:
Press Information Bureau Government of India Ministry of Railways 14-March-2018 17:24 IST Cashless Ticket Booking In Railways Following schemes have been introduced for promotion of cashless transaction on Indian Railways:- i. The facility of online booking of reserved tickets has been provided through Indian Railway Catering and Tourism Corporation (IRCTC) website. The payment for tickets […]
(i) Passengers holding confirmed ticket are aware of their coach/berth number as the same is indicated on the tickets at the time of booking itself, except in case of First Class air-conditioned class.
