Section 10 GST Compensation to States Act 2017

By | June 16, 2017
(Last Updated On: June 30, 2017)

Section 10 GST Compensation to States Act 2017

[ Section 10 GST Compensation to States Act 2017 notified w.e.f 01.07.2017 vide Notification No. 1/2017 – Goods and Services Tax Compensation Dated 28th June, 2017 ]

[ Goods And Services Tax (Compensation To States) Act, 2017 . This Act has been assented by the President of India on 12-4-2017. This is an Act to provide for compensation to the States for the loss of revenue arising on account of implementation of the goods and services tax in pursuance of the provisions of the Constitution (One Hundred and First Amendment) Act, 2016. ]

Crediting proceeds of cess to Fund.

10. (1) The proceeds of the cess leviable under section 8 and such other amounts as may be recommended by the Council, shall be credited to a non-lapsable Fund known as the Goods and Services Tax Compensation Fund, which shall form part of the public account of India and shall be utilised for purposes specified in the said section.

(2) All amounts payable to the States under section 7 shall be paid out of the Fund.

(3) Fifty per cent of the amount remaining unutilised in the Fund at the end of the transition period shall be transferred to the Consolidated Fund of India as the share of Centre, and the balance fifty per cent shall be distributed amongst the States in the ratio of their total revenues from the State tax or the Union territory goods and services tax, as the case may be, in the last year of the transition period.

(4) The accounts relating to Fund shall be audited by the Comptroller and Auditor-General of India or any person appointed by him at such intervals as may be specified by him and any expenditure in connection with such audit shall be payable by the Central Government to the Comptroller and Auditor-General of India.

(5) The accounts of the Fund, as certified by the Comptroller and Auditor-General of India or any other person appointed by him in this behalf together with the audit report thereon shall be laid before each House of Parliament.

Read All Sections of Goods And Services Tax (Compensation To States) Act, 2017 .

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