Insta
States To Be Compensated Every Quarter For Revenue Suffered Under GST
Swarajya Staff
Nov 27, 2016, 02:31 PM | Updated 02:31 PM IST
Save & read from anywhere!
Bookmark stories for easy access on any device or the Swarajya app.
The states will be provisionally compensated every quarter for revenue loss under the Goods and Services Tax (GST), which will be annually calculated for every financial year by the CAG, according to the draft GST laws released yesterday (26 November).
The compensation will be payable for a period of five years.
The draft law has established a standard upon which it based the calculation of revenue loss arising on account of subsuming of various taxes such as VAT, Central Sales Tax, octroi, local body tax, etc into GST.
The draft law has also added an anti-profiteering measure, according to which the central government can constitute an authority to examine whether reduction in the price of goods and services supplied by a person has resulted on account of any reduction in the tax rate.
The revised drafts of three GST laws were released on Saturday after incorporating suggestions from stakeholders. These will now be placed before the Goods and Services Tax Council in its next meeting from 2 to 3 December.
With inputs from IANS.
Save & read from anywhere!
Bookmark stories for easy access on any device or the Swarajya app.
Introducing ElectionsHQ + 50 Ground Reports Project
The 2024 elections might seem easy to guess, but there are some important questions that shouldn't be missed.
Do freebies still sway voters? Do people prioritise infrastructure when voting? How will Punjab vote?
The answers to these questions provide great insights into where we, as a country, are headed in the years to come.
Swarajya is starting a project with an aim to do 50 solid ground stories and a smart commentary service on WhatsApp, a one-of-a-kind. We'd love your support during this election season.
Click below to contribute.