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CALCULATION AND RELEASE OF COMPENSATION

Section 7 - Draft-Bills-Reports - GST - Compensation to the States for Loss of Revenue - Goods and Services Tax - Section 7 - 7. (1) The GST compensation payable to a State shall be provisionally calculated and released at the end of every quarter, a .....

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n to a State in any financial year during the transition period, as per the CAG audited figures of revenue collected, the excess amount so released shall be adjusted against the GST compensation amount payable to the State in the subsequent financial .....

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State in the absence of GST, shall be calculated as per section 6. (b) The actual revenue collected by a State in any financial year during the transition period would be the actual revenue from State Goods and Services Tax collected by the State, n .....

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year shall be the difference between the projected revenue for any financial year and the actual revenue collected by a State as defined in sub-section (b). (3) The loss of revenue at the end of any quarter in any year for a State during the transiti .....

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pro-rata basis as a percentage of the total projected revenue for any financial year during the transition period, as calculated as per section 6. (Illustration: If the projected revenue for any year calculated as per section 6 is ₹ 100, the pr .....

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od would be the actual revenue from State Goods and Services Tax collected by the State, net of refunds given by the State under Chapter XI of the SGST Act, including Integrated Goods and Services Tax apportioned to that State, as certified by the Pr .....

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)(a) and the actual revenue collected by a State in the said period as defined in sub-section (3)(b), reduced by the provisional GST compensation paid to a State till the end of the previous quarter in the said financial year during the transition pe .....

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