TMI BlogCalculation and release of compensation.X X X X Extracts X X X X X X X X Extracts X X X X ..... sed at the end of every two months period, 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: Provided that in case any excess amount has been released as compensation to a State in any financial year during the transition period, as per the audited figures of revenue collected, the exc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... services tax apportioned to that State; and (iii) any collection of taxes on account of the taxes levied by the respective State under the Acts specified in sub-section (4) of section 5, net of refund of such taxes, as certified by the Comptroller and Auditor-General of India; (c) the total compensation payable in any financial year shall be the difference between the projected revenue fo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing the projected revenue that could be earned till the end of the period of ten months for the purpose of this sub-section shall be 100x(5/6)=₹ 83.33.); (b) the actual revenue collected by a State till the end of relevant two months period in any financial year during the transition period shall be- (i) the actual revenue from State tax collected by the State, net of refunds given by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to a State till the end of the previous two months period in the said financial year during the transition period. (5) In case of any difference between the final compensation amount payable to a State calculated in accordance with the provisions of sub-section (3) upon receipt of the audited revenue figures from the Comptroller and Auditor-General of India, and the total provisional compensat ..... X X X X Extracts X X X X X X X X Extracts X X X X
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