Revenue Loss Compensation To States
State Compensation Mechanism For Revenue Loss Will Be Laid So That States Can Continuously Do The Development Work And There Is No Hi Compensation Loss Revenue
The Gst Compensation Cess Is Levied Under Section 8 Gst Compensation To State Act 2017 It Would Be Imposed For A Period Of 5 Year Compensation Revenue Loss
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Gst Compensation Cess Summary Compensation Acting Summary
The Much Debated Gst Compensation Cess Has Been Declared As Being Valid By The Supreme Court The Apex Court Also Highlighted Supreme Court Compensation Court
Provides for revenue loss compensation to states for five years.
Revenue loss compensation to states. In the current fiscal the states are staring at a staggering rs 2 35 lakh crore gst revenue shortfall. Revenue will be the sum of revenue collected by the state and local bodies during the base year taxes levied by the states or centre net of refunds with taxes namely. Base year to be financial year 2015 16. Of this about rs 97 000 crore is on account of gst implementation and rest rs 1 38 lakh crore is the impact of covid 19 on states revenues.
Compensation to states for revenue loss under gst goods and services tax gst by dr. She chided the opposition which had targeted her for calling covid 19 an act of god when internationally most had invoked force majeure. Be it enacted by parliament in the sixty seventh year of the republic of india as follows 1. Nominal growth rate projected revenue has been decided 14.
Sanjiv agarwal dated 11 3 2017 last replied date 30 12 1899 gst council has approved a bill for compensation to states for revenue loss arising out of introduction of gst in the country. The centre has offered two borrowing options to the states to meet the revenue loss rs 97 000 crore due to gst transition and rs 2 35 lakh crore due to gst and the covid 19 induced slowdown.
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