9911796707
TMI BlogCALCULATION AND RELEASE OF COMPENSATIONX X X X Extracts X X X X X X X X Extracts X X X X ..... arter, and shall be finally calculated for every financial year after the receipt of final revenue figures, as audited by the Comptroller and Auditor General of India (CAG). Provided further that in case any excess amount has been released as GST compensation to a State in any financial year during the transition period, as per the CAG audited figures of revenue collected, the excess amount so ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... General of India. (c) Total GST compensation payable in any financial year shall be the difference between the projected revenue for any financial year and the actual revenue collected by a State as defined in sub-section (b). (3) The loss of revenue at the end of any quarter in any year for a State during the transition period shall be calculated at the end of every quarter as follows: ( ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y the State under Chapter XI of the SGST Act, including Integrated Goods and Services Tax apportioned to that State, as certified by the Principal CCA (CBEC). (c) The provisional GST compensation payable to any State at the end of the relevant quarter in any financial year shall be the difference between the projected revenue for till the end of the relevant period as per sub-section (3)(a) and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to a State in the previous year, this amount shall be refunded by the State to the Central Government and such amount shall be credited to the GST Compensation Fund in a manner as may be prescribed. Explanation .- For the purpose of this section, the actual revenue collected would include the collection on account of SGST net of refunds of SGST given by the State under Chapter XI of the con ..... X X X X Extracts X X X X X X X X Extracts X X X X
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