https://www.taxtmi.com/article/detailed?id=7356 A five year compensation mechanism funds State revenue shortfalls from GST implementation via a dedicated cess credited to a non lapsable GST Compensation Fund. Base year revenue is the audited collections for the year ending 31.03.2016 of taxes subsumed into GST; projected revenue applies a prescribed growth rate to that base. Compensation is the difference between projected and actual certified revenues, provisionally paid every two months and finally adjusted after C&AG audit. Unutilized balances are split between Centre and States and CGST/IGST provisions apply to cess administration. en-us Wed, 05 Apr 2017 06:58:49 +0530 Wed, 05 Apr 2017 06:58:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=7356 A five year compensation mechanism funds State revenue shortfalls from GST implementation via a dedicated cess credited to a non lapsable GST Compensation Fund. Base year revenue is the audited collections for the year ending 31.03.2016 of taxes subsumed into GST; projected revenue applies a prescribed growth rate to that base. Compensation is the difference between projected and actual certified revenues, provisionally paid every two months and finally adjusted after C&AG audit. Unutilized balances are split between Centre and States and CGST/IGST provisions apply to cess administration. Articles Goods and Services Tax - GST Wed, 05 Apr 2017 06:58:49 +0530 https://www.taxtmi.com/article/detailed?id=7356