Amendment status not verified — confirm the current text below against the official source.
Actionable claims, other than lottery, betting and gambling. Explanation.––For the purposes of paragraph 2, the term “court” includes District Court, High Court and Supreme Court. PUNJAB GOVT. GAZ. (EXTRA), JUNE 23, 2017 (ASAR 2, 1939 SAKA) 169 STATEMENT OF OBJECTS AND REASONS GST is likely to be implemented w.e.f 1-7-2017. Under GST regime, both Centre and States will simultaneously levy GST across the value chain. Tax will be levied on every supply of goods and service for consideration. Centre would levy and collect Central Goods and Services Tax (CGST), and States would levy and collect the State Goods and Services Tax (SGST) on all transactions within a State. Enactment of SGST Law is in pursuance to Constitutional (101st Amendment) Act 2016 under which concurrent powers have been conferred upon Centre and States to legislate under Article 246A of the Constitution. The draft Model SGST Bill duly approved by GST Council and vetted by Legislative Department of the Union Ministry of Law has been received. Draft SGST is the replica of CGST Act. The four bills i.e. CGST Bill, IGST Bill, UT GST Bill and GST (Compensation to the States) Bill have already been enacted after the Presidential assent. Punjab SGST Bill, 2017 has to be passed for the smooth implementation of GST. AMARINDER SINGH Chief Minister, Punjab PUNJAB GOVT. GAZ. (EXTRA), JUNE 23, 2017 (ASAR 2, 1939 SAKA) 170 FINANCIAL MEMORANDUM With the introduction of GST, many state taxes will be subsumed in SGST Act. With the subsumation of various taxes in GST, the following revenue will not come to the State: S.No. Tax/Cess/Surcharge Collection in 2015-16 (Rs. Crores) 1 VAT (except on petroleum products and liquor) 10662.79 2 Purchase tax on food grains 2053.00 3 CST revenue (excluding CST revenue on petroleum 499.59 products and liquor for human consumption) 4 Tax on lottery, betting and gambling 90.00 5 Entertainment and luxury tax 89.93 6 Tax on advertisements 17.80 7 Octroi on electricity 118.07 8 ETTSA fees 18.89 9 ID Fee on Food Grains 1536.84 Total 15086.91 It is pertinent to mention here that "Goods and Services Taxes (Compensation to States) Act, 2017" has been enacted in which provision has been made that the States will be compensated for any loss in revenue for a period of five years from the date of roll out of GST at the rate of 14% compounded growth rate. In addition to this, revenue will come from services too. To calculate the compensation, 2015-16 has to be taken as base year. The relevant provisions of the Act are given below:- "3. PROJECTED GROWTH RATE The projected nominal growth rate of revenue subsumed for a State during the transition period shall be 14% per annum.