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of <h1>Clarifying Key GST Compensation Terms: Base Year, Compensation, Taxable Person, and Transition Period Under 2016 Act</h1> The definitions related to the Goods and Services Tax (GST) Compensation to States for Loss of Revenue Act, 2016. Key terms include 'base year,' 'compensation,' 'Council,' and 'Goods and Services Tax Compensation Cess.' It defines 'input tax' and 'input tax credit' concerning the GST Compensation Cess and specifies the 'projected growth rate' and 'projected revenue.' The text clarifies that 'State' includes Union Territories with Legislature and defines 'taxable person' and 'taxable supply.' It also explains 'transition date' and 'transition period,' with references to the Central and Integrated GST Acts for undefined terms.
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