Section 10 - CREDITING PROCEEDS OF CESS TO GST COMPENSATION FUND - Draft - Goods and Services Tax (Compensation to the States for Loss of Revenue) Act, 2016 - [November 2016]

10. CREDITING PROCEEDS OF CESS TO GST COMPENSATION FUND (1) The proceeds of the GST Compensation Cess leviable under section 8 shall be credited to a non-lapsable fund known as the GST Compensation Fund in the Public Account, and shall be utilized for purposes specified in section 8. (2) All amounts payable to the States under section 7 shall be paid from the Goods and Tax Compensation Fund. (3) Fifty percent of the amount remaining unutilized in the GST Compensation Fund at the end of the transition period shall be transferred to the Consolidated Fund of India, and shall be distributed between the Centre and the States and amongst the States as per provisions of clause (2) of article 270 of the Constitution; and the balance fifty percent shall be distributed amongst the States in the ratio of their total revenues from SGST in the last year of the transition period.