{"act":{"id":"finance-act-2018","short_title":"The Finance Act, 2018","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2018-2019.","act_number":"13","act_year":2018,"enact_date":null,"enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":227,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2018/"},"unit":"section","section":{"number":"211","heading":"Amendment of section 2","text":"Amendment of section 2 211. In section 2 of the principal Act,— (i) | for clause (aa), the following clause shall be substituted, namely:— '(aa) \"Central Government debt\" at any date means— (i) | the total outstanding liabilities of the Central Government on the security of the Consolidated Fund of India, including external debt valued at current exchange rates; (ii) | the total outstanding liabilities in the public account of India; and (iii) | such financial liabilities of any body corporate or other entity owned or controlled by the Central Government, which the Government is to repay or service from the annual financial statement, reduced by the cash balance available at the end of that date;'; (ii) | for clause (bb), the following clauses shall be substituted, namely:— '(bb) \"general Government debt\" means the sum total of the debt of the Central Government and the State Governments, excluding inter-Governmental liabilities; (bc) \"gross domestic product\" means the sum of the gross value added by all resident production units plus that part of taxes, less subsidies, on products, which is not included in the valuation of output, during a financial year, reckoned at current market prices, as published by the Central Statistics Office from time to time; (iii) | after clause (c), the following clauses shall be inserted, namely:— '(ca) ''real gross domestic product'' means gross domestic product, reckoned at constant prices, as published by the Central Statistics Office from time to time; (cb) ''real output growth'' means growth in real gross domestic product;''; (iv) | clauses (e) and (f) shall be omitted.","html":"<p><b>Amendment of section 2</b></p><p><b>211. </b>In section 2 of the principal Act,—</p><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>i</i>)</td><td></td><td>for clause (<i>aa</i>), the following clause shall be substituted, namely:—</td></tr><tr><td></td><td></td><td>'(<i>aa</i>) \"Central Government debt\" at any date means—</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>i</i>)</td><td></td><td>the total outstanding liabilities of the Central Government on the security of the Consolidated Fund of India, including external debt valued at current exchange rates;</td></tr><tr><td>(<i>ii</i>)</td><td></td><td>the total outstanding liabilities in the public account of India; and</td></tr><tr><td>(<i>iii</i>)</td><td></td><td>such financial liabilities of any body corporate or other entity owned or controlled by the Central Government, which the Government is to repay or service from the annual financial statement, reduced by the cash balance available at the end of that date;';</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>ii</i>)</td><td></td><td>for clause (<i>bb</i>), the following clauses shall be substituted, namely:—</td></tr><tr><td></td><td></td><td>'(<i>bb</i>) \"general Government debt\" means the sum total of the debt of the Central Government and the State Governments, excluding inter-Governmental liabilities;</td></tr><tr><td></td><td></td><td>(<i>bc</i>) \"gross domestic product\" means the sum of the gross value added by all resident production units plus that part of taxes, less subsidies, on products, which is not included in the valuation of output, during a financial year, reckoned at current market prices, as published by the Central Statistics Office from time to time;</td></tr><tr><td>(<i>iii</i>)</td><td></td><td>after clause (<i>c</i>), the following clauses shall be inserted, namely:—</td></tr><tr><td></td><td></td><td>'(<i>ca</i>) ''real gross domestic product'' means gross domestic product, reckoned at constant prices, as published by the Central Statistics Office from time to time;</td></tr><tr><td></td><td></td><td>(<i>cb</i>) ''real output growth'' means growth in real gross domestic product;'';</td></tr><tr><td>(<i>iv</i>)</td><td></td><td>clauses (<i>e</i>) and (<i>f</i>) shall be omitted.</td></tr></table></div>","words":261,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2018/section/211/","note":null,"source_note":"Harvested from the Income Tax Department's own portal at incometaxindia.gov.in, which publishes the Finance Acts section by section. India Code carries none of them: its Central community holds the Acts that stand as general law, and a Finance Act is an amending and rate-fixing instrument.","judgments_note":"Judgment holdings are the ratio decidendi as extracted from the order by eCourts India, reproduced unaltered. Reported judgments only.","licence":"Published with commentary and other original matter under s.52(1)(q)(ii), Copyright Act 1957."}