<h1>GST compensation to States ensures prescribed transition-period revenue protection; extension requests reviewed amid reform measures.</h1> Parliamentary law provides for compensation to the States for loss of revenue arising from the implementation of GST for a prescribed transition period, with States' revenues protected against shortfalls measured from a base-year benchmark and a prescribed protected growth rate; eligible shortfalls during the transition period are compensated under the statutory framework established on the GST Council's recommendation.