Teaching UGC NET Mock Test Series 2025 (Paper 1 & 2) Legal Aspects of Business Goods and Services Tax (GST)
Consider the following about GST compensation:
1. The 101st Constitutional Amendment Act provides for the enactment of law compensation to be provided to the states for a period of 5 years on account of loss of revenue due to the implementation of the Goods and Services Tax (GST).
2. The GST Compensation Act says that the center has to provide GST compensation to the states, which will be charged on the Consolidated Fund of India.
3. The compensation is provided assuming a 14% compound growth rate on the revenue of 2015-16 to the states.
Which of the statements given above is/are correct?
1
1 only
2
1 and 3 only
3
2 and 3 only
4
1, 2 and 3