Complete GST lifecycle on one platform Complete GST lifecycle on one platform
Hyper-automation Hyper-automation
Smart reports & recon Smart reports & recon
Accurate filing Accurate filing

Centre to get bigger share of the residual GST Compensation Fund

Updated on: Jul 13th, 2021

|

3 min read

social iconssocial iconssocial iconssocial icons

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

inline CTA
India’s Fastest and Most Advanced 2B Matching
Maximise ITC claims, use smart validations to correct your data and complete 2B matching in <1 minute
CONTENTS

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

ISO 27001

Data Center

SSL

SSL Certified Site

128-bit encryption