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CALCULATION AND RELEASE OF COMPENSATION

Section 7 - Draft-Bills-Reports - GST - Compensation to the States for Loss of Revenue - Draft - Goods and Services Tax (Compensation to the States for Loss of Revenue) Act, 2016 - [November 2016] - Section 7 - 7. (1) The GST compensation payable to .....

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Provided further that in case any excess amount has been released as GST compensation 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 .....

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nue for any financial year during the transition period, that could have accrued to a 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 wo .....

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er and Auditor General of India. (c) Total GST compensation payable in any financial 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 .....

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nd of the relevant quarter of the respective financial year would be calculated on a 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 .....

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ate till the end of relevant quarter in any financial year during the transition period 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, includin .....

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n the projected revenue for till the end of the relevant period as per sub-section (3)(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 til .....

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audited revenue figures from the CAG, and the total provisional GST compensation amount released to a State in the said financial year as per sub-section (3), the same shall be adjusted against release of GST compensation to the State in the subseque .....

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