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The Goods and Services Tax (Compensation to States) Act, 2017 MINISTRY OF LAW AND JUSTICE(Legislative Department)New Delhi, the 12th April, 2017/Chaitra 22, 1939 (Saka) The following Act of Parliament received the assent of the President on the 12th April, 2017, and is hereby published for general information:— THE GOODS AND SERVICES TAX (COMPENSATION TO STATES) […]

The Goods and Services Tax (Compensation to States) Act, 2017 Section 2: Definitions. 2. (1) In this Act, unless the context otherwise requires,- (a) “central tax” means the central goods and services tax levied and collected under the Central Goods and Services Tax Act; (b) “Central Goods and Services Tax Act” means the Central Goods

The Goods and Services Tax (Compensation to States) Act, 2017 Section 3: Projected growth rate. 3. The projected nominal growth rate of revenue subsumed for a State during the transition period shall be fourteen per cent. per annum.

The Goods and Services Tax (Compensation to States) Act, 2017 Section 4: Base year. 4. For the purpose of calculating the compensation amount payable in any financial year during the transition period, the financial year ending 31st March, 2016, shall be taken as the base year.

The Goods and Services Tax (Compensation to States) Act, 2017 Section 5: Base year revenue. 5. (1) Subject to the provision of sub-sections (2), (3), (4), (5) and (6), the base year revenue for a State shall be the sum of the revenue collected by the State and the local bodies during the base year,

The Goods and Services Tax (Compensation to States) Act, 2017 Section 6: Projected revenue for any year. 6. The projected revenue for any year in a State shall be calculated by applying the projected growth rate over the base year revenue of that State. Illustration.—If the base year revenue for 2015-16 for a concerned State,

The Goods and Services Tax (Compensation to States) Act, 2017 Section 7: Calculation and release of compensation. 7. (1) The compensation under this Act shall be payable to any State during the transition period. (2) The compensation payable to a State shall be provisionally calculated and released at the end of every two months period,

The Goods and Services Tax (Compensation to States) Act, 2017 Section 8: Levy and collection of cess. 8. (1) There shall be levied a cess on such intra-State supplies of goods or services or both, as provided for in section 9 of the Central Goods and Services Tax Act, and such inter-State supplies of goods

The Goods and Services Tax (Compensation to States) Act, 2017 Section 8A: Power not to recover cess not levied or short levied as a result of general practice. 1[8A. Notwithstanding anything contained in this Act, if the Government is satisfied that– (a) a practice was, or is, generally prevalent regarding levy of cess (including non-levy

The Goods and Services Tax (Compensation to States) Act, 2017 Section 9: Returns, payments and refunds. 9. (1) Every taxable person, making a taxable supply of goods or services or both, shall— (a) pay the amount of cess as payable under this Act in such manner; (b) furnish such returns in such forms, along with

The Goods and Services Tax (Compensation to States) Act, 2017 Section 10: Crediting proceeds of cess to Fund. 10. (1) The proceeds of the cess leviable under section 8 and such other amounts as may be recommended by the Council, shall be credited to a non-lapsable Fund known as the Goods and Services Tax Compensation

The Goods and Services Tax (Compensation to States) Act, 2017 Section 11: Other provisions relating to cess. 11. (1) The provisions of the Central Goods and Services Tax Act, and the rules made thereunder, including those relating to assessment, input tax credit, non-levy, short-levy, interest, appeals, offences and penalties, shall, as far as may be,

The Goods and Services Tax (Compensation to States) Act, 2017 Section 12: Power to make rules. 12. (1) The Central Government shall, on the recommendations of the Council, by notification in the Official Gazette, make rules for carrying out the provisions of this Act. (2) In particular, and without prejudice to the generality of the

The Goods and Services Tax (Compensation to States) Act, 2017 Section 13: Laying of rules before Parliament. 13. Every rule made under this Act by the Central Government shall be laid, as soon as may be after it is made, before each House of Parliament, while it is in session, for a total period of

The Goods and Services Tax (Compensation to States) Act, 2017 Section 14: Power to remove difficulties. 14. (1) If any difficulty arises in giving effect to the provisions of this Act, the Central Government may, on the recommendations of the Council, by order published in the Official Gazette, make such provisions, not inconsistent with the