DEFINITIONS
Section 2
Bill
GST – Compensation to the States for Loss of Revenue
Draft – Goods and Services Tax (Compensation to the States for Loss of Revenue) Act, 2016 – [November 2016]
2. DEFINITIONS
(1) “base year” shall have the meaning assigned to it in section 4;
(2) “base year revenue” shall have the meaning assigned to it in section 5;
(3) “compensation” means an amount determined under section 7;
(4) “earlier law” shall have the meaning assigned to it in the State Goods and Services Tax Act of the respective State;
(5) “Council” means Goods and Services Tax Council established as per the Article 279A of the Constitution;
(6) “Goods and Services Tax Compensation Cess” means the cess levied under sectio
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slature;
(13) “taxable person'' shall have the meaning as assigned to it in the Central Goods and Services Tax Act, 2016;
(14) “taxable supply'' means a supply of goods and/or services which is chargeable to the Goods and Services Tax Compensation Cess under this Act;
(15) “transition date” shall mean, in respect of any State, the date on which the Goods and Services Tax Act of the concerned state comes into force;
(16) “transition period” means a period of five years from the transition date;
(17) words and expressions used but not defined in this Act and defined in the Central Goods and Services Tax Act, 2016 (… of 2016), shall have the meanings respectively assigned to them in that Act, in the context of GST Compensation
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