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Consider the following statements regarding GST Compensation to States.
1. Under the GST (Compensation to States) Act, 2017, states are guaranteed compensation for loss of revenue on account of implementation of GST for period of ten years.
2. The compensation is calculated based on the difference between the states current GST revenue and the protected revenue after estimating an annualised 14% growth rate from the base year of 2015-16.
Which of the above statements is/are correct?
  • a)
    1 only 
  • b)
    2 only 
  • c)
    Both 1 and 2 
  • d)
    Neither 1 nor 2
Correct answer is option 'B'. Can you explain this answer?
Verified Answer
Consider the following statements regarding GST Compensation to States...
Under the GST (Compensation to States) Act, 2017, states are guaranteed compensation for loss of revenue on account of implementation of GST for a transition period of five years between 2017 and 2022.
The compensation is calculated based on the difference between the states current GST revenue and the protected revenue after estimating an annualised 14% growth rate from the base year of 2015-16.
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Consider the following statements regarding GST Compensation to States.1. Under the GST (Compensation to States) Act, 2017, states areguaranteed compensation for loss of revenueon account of implementation of GST for period often years.2. The compensation is calculated based on the difference between the states current GST revenue and the protected revenue after estimating anannualised 14% growth rate from the base year of 2015-16.Which of the above statements is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'B'. Can you explain this answer?
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Consider the following statements regarding GST Compensation to States.1. Under the GST (Compensation to States) Act, 2017, states areguaranteed compensation for loss of revenueon account of implementation of GST for period often years.2. The compensation is calculated based on the difference between the states current GST revenue and the protected revenue after estimating anannualised 14% growth rate from the base year of 2015-16.Which of the above statements is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'B'. Can you explain this answer? for Current Affairs 2024 is part of Current Affairs preparation. The Question and answers have been prepared according to the Current Affairs exam syllabus. Information about Consider the following statements regarding GST Compensation to States.1. Under the GST (Compensation to States) Act, 2017, states areguaranteed compensation for loss of revenueon account of implementation of GST for period often years.2. The compensation is calculated based on the difference between the states current GST revenue and the protected revenue after estimating anannualised 14% growth rate from the base year of 2015-16.Which of the above statements is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'B'. Can you explain this answer? covers all topics & solutions for Current Affairs 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Consider the following statements regarding GST Compensation to States.1. Under the GST (Compensation to States) Act, 2017, states areguaranteed compensation for loss of revenueon account of implementation of GST for period often years.2. The compensation is calculated based on the difference between the states current GST revenue and the protected revenue after estimating anannualised 14% growth rate from the base year of 2015-16.Which of the above statements is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'B'. Can you explain this answer?.
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