1. (1) This Act may be called the Goods and Services Tax (Compensation to States)
Amendment Act, 2018.
(2) It shall come into force on such date as the Central Government may, by notification
in the Official Gazette, appoint.
2. In section 7 of the Goods and Services Tax (Compensation to States) Act, 2017
(hereinafter referred to as the principal Act), in sub-section (4), in clause (b), in
sub-clause (ii), for the words "Central Board of Excise and Customs", the words "Central
Board of Indirect Taxes and Customs" shall be substituted.
Short title and
commencement.
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EXTRAORDINARY
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PART II — Section 1
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PUBLISHED BY AUTHORITY
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No. 47] NEW DELHI, THURSDAY, AUGUST 30, 2018/BHADRAPADA 8, 1940 (SAKA)
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Separate paging is given to this Part in order that it may be filed as a separate compilation.
REGISTERED NO. DL—(N)04/0007/2003—18
MINISTRY OF LAW AND JUSTICE
(Legislative Department)
New Delhi, the 30th August, 2018/Bhadrapada 8, 1940 (Saka)
The following Act of Parliament received the assent of the President on the
29th August, 2018, and is hereby published for general information:—
Amendment
of section 7.
15 of 2017.
3. In section 10 of the principal Act, after sub-section (3), the following sub-section
shall be inserted, namely:––
"(3A) Notwithstanding anything contained in sub-section (3), fifty per cent. of
such amount, as may be recommended by the Council, which remains unutilised in
the Fund, at any point of time in any financial year during the transition period shall
be transferred to the Consolidated Fund of India as the share of Centre, and the
balance fifty per cent. shall be distributed amongst the States in the ratio of their base
year revenue determined in accordance with the provisions of section 5:
Provided that in case of shortfall in the amount collected in the Fund against
the requirement of compensation to be released under section 7 for any two months’
period, fifty per cent. of the same, but not exceeding the total amount transferred to
the Centre and the States as recommended by the Council, shall be recovered from
the Centre and the balance fifty per cent. from the States in the ratio of their base year
revenue determined in accordance with the provisions of section 5.".