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          <h1>Draft GST Act Section 7 Details Quarterly State Compensation Process with Annual Adjustments Based on Audited Figures</h1> Section 7 of the Draft Goods and Services Tax (Compensation to the States for Loss of Revenue) Act, 2016 outlines the procedure for calculating and releasing GST compensation to states. Compensation is provisionally calculated and released quarterly, with final adjustments made annually based on audited figures from the Comptroller and Auditor General of India. If excess compensation is released, it is adjusted in the following year. The compensation is the difference between projected and actual revenue collected, considering refunds and apportioned taxes. Any discrepancies between provisional and final compensation are adjusted in subsequent years, and overpayments must be refunded to the central government.

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