President gives nod to hike in Compensation Cess on motor vehicles

President gives assent to amendment to Goods & Services Tax (Compensation to States) Act, 2017; The Goods and Services Tax (Compensation to States) Amendment Act, 2017 shall be deemed to have come into force from September 2, 2017; Vide said amendment, Compensation Cess on motor vehicles for transportation of 10 or more persons as well as SUVs, mid-size, large and luxury cars has been hiked to 25% ad valorem (from 15% ad valorem); Accordingly, repeals the Goods & Services Tax (Compensation to States) Amendment Ordinance 2017