GST compensation to States is computed against projected revenue, with provisional releases and later adjustment of excess amounts. Compensation payable to a State during the transition period is calculated and released provisionally every two months and finally after audited revenue figures are received. Final compensation is the difference between projected revenue in the absence of GST and the State's actual revenue, consisting of State tax collections net of refunds, apportioned integrated goods and services tax, and other specified tax collections net of refunds. Any excess provisional or final amount is adjusted against compensation payable in the subsequent financial year, and excess compensation may be refunded to the Central Government.
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Provisions expressly mentioned in the judgment/order text.
GST compensation to States is computed against projected revenue, with provisional releases and later adjustment of excess amounts.
Compensation payable to a State during the transition period is calculated and released provisionally every two months and finally after audited revenue figures are received. Final compensation is the difference between projected revenue in the absence of GST and the State's actual revenue, consisting of State tax collections net of refunds, apportioned integrated goods and services tax, and other specified tax collections net of refunds. Any excess provisional or final amount is adjusted against compensation payable in the subsequent financial year, and excess compensation may be refunded to the Central Government.
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