Section 2 - DEFINITIONS - Draft - Goods and Services Tax (Compensation to the States for Loss of Revenue) Act, 2016 - [November 2016]

2. DEFINITIONS (1) base year shall have the meaning assigned to it in section 4; (2) base year revenue shall have the meaning assigned to it in section 5; (3) compensation means an amount determined under section 7; (4) earlier law shall have the meaning assigned to it in the State Goods and Services Tax Act of the respective State; (5) Council means Goods and Services Tax Council established as per the Article 279A of the Constitution; (6) Goods and Services Tax Compensation Cess means the cess levied under section 8; (7) Goods and Services Tax Compensation Fund shall have the meaning assigned to it in section 10; (8) input tax in relation to a taxable person, means the Goods and Services Tax Compensation Cess charged on any supply of goods and/or services to him, Goods and Services Tax Compensation Cess charged on import of goods, and includes the Goods and Services Tax Compensation Cess payable on reverse charge basis; (9) input tax credit means credit of input tax as defined in section 2(8); (10) projected growth rate means the rate of growth projected for the transition period as per section 3; (11) projected revenue shall have the meaning assigned to it in section 6; (12) State shall include Union Territories with Legislature; (13) taxable person shall have the meaning as assigned to it in the Central Goods and Services Tax Act, 2016; (14) taxable supply means a supply of goods and/or services which is chargeable to the Goods and Services Tax Compensation Cess under this Act; (15) transition date shall mean, in respect of any State, the date on which the Goods and Services Tax Act of the concerned state comes into force; (16) transition period means a period of five years from the transition date; (17) words and expressions used but not defined in this Act and defined in the Central Goods and Services Tax Act, 2016 ( of 2016), shall have the meanings respectively assigned to them in that Act, in the context of GST Compensation Cess levied on taxable supplies of goods and/or services made in the course of intra-State trade or commerce; and (18) words and expressions used but not defined in this Act and defined in the Integrated Goods and Services Tax Act, 2016 ( of 2016) shall have the meanings respectively assigned to them in that Act, in the context of GST Compensation Cess levied on taxable supplies of goods and/or services made in the course of inter-State trade or commerce.