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        GST

        Section 7 - Calculation and release of compensation.

        Goods And Services Tax (Compensation To States) Act, 2017
        GST (COMPENSATION TO STATES)

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        Compensation to states: provisional two monthly releases reconciled annually against audited revenue with adjustments and refunds. Compensation to States during the transition period is provisionally released every two months and finally reconciled annually after audited revenue figures. Annual compensation equals the difference between the projected revenue (per section 6) and actual revenue (net State tax, apportioned integrated tax, and specified pre GST State taxes, as certified by auditors). Provisional two monthly payments are calculated pro rata from projected revenue and adjusted against subsequent provisional and final releases; excess payments are recoverable or adjusted in following years and refunded amounts are credited to the Fund.
                        Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                          Provisions expressly mentioned in the judgment/order text.

                              Compensation to states: provisional two monthly releases reconciled annually against audited revenue with adjustments and refunds.

                              Compensation to States during the transition period is provisionally released every two months and finally reconciled annually after audited revenue figures. Annual compensation equals the difference between the projected revenue (per section 6) and actual revenue (net State tax, apportioned integrated tax, and specified pre GST State taxes, as certified by auditors). Provisional two monthly payments are calculated pro rata from projected revenue and adjusted against subsequent provisional and final releases; excess payments are recoverable or adjusted in following years and refunded amounts are credited to the Fund.


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