Compensation to states
ASHIKH RM (CMA INTER) (54 Points)
29 May 2017
How the loss of revenue of states under GST will be compensated?
1 Replies
CA PRATIK DHRUVE
(CHARTERED ACCOUNTANT)
(634 Points)
Replied 29 May 2017
As per COMPENSATION TO STATES ACT under GST, the states are guaranteed by the central government that they shall provide any shortfall in revenue if it falls short from 114% of revenues collected in pre-gst regime... this shall apply for five years after gst implementation.
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