Save upto 7% in taxes
Claim 100% ITC and save ~4% GST
3x faster experience
Save 2 man days every GSTIN month
Easy to connect
Connect with 100s of ERP's, import data error-free
Centre to get bigger share of the residual GST Compensation Fund
Updated on: Jul 13th, 2021 - 1:20:55 PM
3 min read
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
Clear offers taxation & financial solutions to individuals, businesses, organizations & chartered accountants in India. Clear serves 1.5+ Million happy customers, 20000+ CAs & tax experts & 10000+ businesses across India.
Efiling Income Tax Returns(ITR) is made easy with Clear platform. Just upload your form 16, claim your deductions and get your acknowledgment number online. You can efile income tax return on your income from salary, house property, capital gains, business & profession and income from other sources. Further you can also file TDS returns, generate Form-16, use our Tax Calculator software, claim HRA, check refund status and generate rent receipts for Income Tax Filing.
CAs, experts and businesses can get GST ready with Clear GST software & certification course. Our GST Software helps CAs, tax experts & business to manage returns & invoices in an easy manner. Our Goods & Services Tax course includes tutorial videos, guides and expert assistance to help you in mastering Goods and Services Tax. Clear can also help you in getting your business registered for Goods & Services Tax Law.
Save taxes with Clear by investing in tax saving mutual funds (ELSS) online. Our experts suggest the best funds and you can get high returns by investing directly or through SIP. Download Black by ClearTax App to file returns from your mobile phone.
Cleartax is a product by Defmacro Software Pvt. Ltd.
Company PolicyTerms of use
ISO 27001
Data Center
SSL Certified Site
128-bit encryption