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:
THE GOODS AND SERVICES TAX
(COMPENSATION TO STATES)
AMENDMENT ACT, 2018 ACT, 2018
NO. 34 OF 2018
[29th August, 2018.]
An act further to amend the Goods and Services Tax (Compensation to States) Act, 2017.
BE it enacted by Parliament in the Sixty-ninth Year of the Republic of India as follows:
Short title and commencement.
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.
Amendment of section 7.
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.
Amendment of section 10.
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 unutillised 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.".
DR. REETA VASISHTA,
Additional Secretary to the Govt. of India.