Goods and Services Tax – GST – Dated:- 8-8-2018 – AS INTRODUCED IN LOK SABHA BILL No. 146 of 2018 THE GOODS AND SERVICES TAX (COMPENSATION TO STATES) AMENDMENT BILL, 2018 A BILL 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 (15 of 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
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r revenue determined in accordance with the provisions of section 5. . STATEMENT OF OBJECTS AND REASONS The Goods and Services Tax (Compensation to States) Act, 2017 (the Act) was enacted with a view to provide for compensation to the States for the loss of revenue arising on account of implementation of the goods and services tax in pursuance of the provisions of the Constitution (One Hundred and First Amendment) Act, 2016. 2. Section 10 of the Act provides for distribution of the amount remaining unutilised in Compensation Fund at the end of transition period between Centre and the States. As the said section doesn't provide for distribution of amount remaining unutilised in Compensation Fund at any point of time in any financial year, it is proposed to amend the Goods and Services Tax (Compensation to States) Act, 2017. 3. The Goods and Services Tax (Compensation to States) Amendment Bill, 2018 provides for the following, namely:- (i) to insert a new sub-section (3A) in section
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ri Piyush Goyal, Minister of Finance to the Secretary General, Lok Sabha] The President, having been informed of the subject matter of the Goods and Services Tax (Compensation to States) Amendment Bill, 2018, recommends under clauses (1) and (3) of article 117 read with clause (1) of article 274 of the Constitution of India, the introduction of the Goods and Services Tax (Compensation to States) Amendment Bill, 2018, and also recommends to Lok Sabha the consideration of the Bill. FINANCIAL MEMORANDUM Clause 3 of the Bill seeks to provide for distribution of amount remaining unutilised out of the Compensation Fund between Centre and States at any point of time in any financial year as per recommendations of the Goods and Services Tax Council in accordance with the provisions of section 5 of the Goods and Services Tax (Compensation to States) Act, 2017. 2. The Bill does not incur any extra expenditure on Consolidated Fund of India. ANNEXURE EXTRACT FROM THE GOODS AND SERVICES TAX (COMPEN
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