https://www.taxtmi.com/article/detailed?id=7314 Compensation to States for GST revenue loss is calculated by projecting base year (FY 2015 16) revenues forward at a nominal growth rate to yield a notional projected revenue, then subtracting actual GST receipts (SGST plus apportioned IGST, net of refunds); provisional compensation is released quarterly, reconciled annually on CAG audit, with excesss adjusted against future payments, and funded by a notified GST Compensation Cess whose input tax credit is permitted and which excludes supplies by composition taxpayers. en-us Sat, 11 Mar 2017 06:49:46 +0530 Sat, 11 Mar 2017 09:39:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=7314 Compensation to States for GST revenue loss is calculated by projecting base year (FY 2015 16) revenues forward at a nominal growth rate to yield a notional projected revenue, then subtracting actual GST receipts (SGST plus apportioned IGST, net of refunds); provisional compensation is released quarterly, reconciled annually on CAG audit, with excesss adjusted against future payments, and funded by a notified GST Compensation Cess whose input tax credit is permitted and which excludes supplies by composition taxpayers. Articles Goods and Services Tax - GST Sat, 11 Mar 2017 06:49:46 +0530 https://www.taxtmi.com/article/detailed?id=7314