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CALCULATION AND RELEASE OF COMPENSATION

Section 7 - 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, and shall be finally calculated for every financial year after the receipt of final revenue figures, as audited by the Comptroller and Auditor General of India (CAG). Provided further that in case any excess amount has been released as GST compensation to a State in any fi .....

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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, net of refunds given by the State under Chapter XI of the SGST Act, and the Integrated Goods and Services Tax apportioned to that State, as certified by the Comptroller and Auditor General of India. (c) Total GST compensation payable in any financial year shall be the diff .....

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rcentage 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 projected revenue that could be earned till the end of third quarter for the purpose of this sub-section shall be ₹ 75.) (b) The actual revenue collected by a State till the end of relevant quarter in any financial year during the transition period would be the actual .....

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