Goods and Services Tax (Compensation to States) Act definition
Examples of Goods and Services Tax (Compensation to States) Act in a sentence
In this regard, the CGST Act, 2017, the IGST Act, 2017, the UTGST Act, 2017 and Goods and Services Tax (Compensation to States) Act, 2017 have received the assent of the President of India on April 12, 2017 and were notified and implemented on July 1, 2017.
The Goods and Services Tax (Compensation to States) Act, 2017 provides for compensation to the States for the loss of revenue arising on account of implementation of the goods and services tax.
This Act may be called the Goods and Services Tax (Compensation to States) Act, 2017.
In this regard, the CGST Act, 2017, the IGST Act, 2017, the UTGST Act, 2017 and Goods and Services Tax (Compensation to States) Act, 2017 have received the assent of the President of India on April 12, 2017.
The Goods and Services Tax (Compensation to States) Act (for brevity “Compensation Act”) provides for compensation to the States for the loss of revenue arising due to implementation of GST for a period of 5 years from the said date of implementation.
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Accordingly, the following GST acts have been enacted: Central Goods and Services Tax Act, 2017 Integrated Goods and Services Tax Act, 2017 Union Territory Goods and Services Tax Act, 2017, and Goods and Services Tax (Compensation to States) Act, 2017.
The goods in movement was inspected under the provisions of sub-section (3) of section 68 of the Central Goods and Services Tax Act, 2017 read with the relevant provisions of the State/ Union Territory Goods and Services Tax Act/the Integrated Goods and Services Tax Act, 2017 and Goods and Services Tax (Compensation to States) Act, 2017 on (date) and the following discrepancies were noticed.
Goods and Services Tax, Compensation to States (Regulated through Goods and Services Tax (Compensation to States) Act, 2017) Syllabus of CA-INTER covers only Central GST and Integrated GST.
Central Goods and Services Act, 2017 (CGST), State Goods and Services Tax Act, 2017 (SGST), Union Territory Goods and Services Tax Act, 2017 (UTGST), Integrated Goods and Services Tax Act, 2017 (IGST) and Goods and Services Tax (Compensation to States) Act, 2017 and various rules made thereunder.