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Updates from March 27, 2017
As per the GST Compensation Bill tabled in Parliament today, the rules for revenue compensation in the first 5 years after GST implementation have changed in the favour of the Centre. The Model law was slightly skewed in favour of the states as it stated that 50% of the residual amount in the compensation fund after five years would be devolved between the Centre and states, and the remaining would be given to the states depending on their revenues in the last year of the transition period.
The bill introduced in the Lok Sabha however, is simpler and it grants equal revenue sharing between states and Centre, thus allocating more funds to the Centre than before.
As reported in the Economic Times
