9911796707
TMI BlogCalculation and release of compensation.X X X X Extracts X X X X X X X X Extracts X X X X ..... e end of every two months period, 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: Provided that in case any excess amount has been released as compensation to a State in any financial year during the transition period, as per the audited figures of revenue collected, the excess amount s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hat State; and (iii) any collection of taxes on account of the taxes levied by the respective State under the Acts specified in sub-section (4) of section 5, net of refund of such taxes, as certified by the Comptroller and Auditor-General of India; (c) the total compensation payable in any financial year shall be the difference between the projected revenue for any financial year and the actual re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l the end of the period of ten months for the purpose of this sub-section shall be 100x(5/6)=₹ 83.33.); (b) the actual revenue collected by a State till the end of relevant two months period in any financial year during the transition period shall be- (i) the actual revenue from State tax collected by the State, net of refunds given by the State under Chapters XI and XX of the State Goods an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... aid financial year during the transition period. (5) In case of any difference between the final compensation amount payable to a State calculated in accordance with the provisions of sub-section (3) upon receipt of the audited revenue figures from the Comptroller and Auditor-General of India, and the total provisional compensation amount released to a State in the said financial year in accordanc ..... X X X X Extracts X X X X X X X X Extracts X X X X
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