Section 1. Ins. by Act 8 of 2023, s. 163 (w.e.f. 1-4-2023)

1. Ins. by Act 8 of 2023, s. 163 (w.e.f. 1-4-2023). STATEMENT OF OBJECTS AND REASONS The Goods and Services Tax (Compensation to States) Bill, 2017, provides for payment of compensation to the States for loss of revenue arising on account of implementation of the goods and services tax for a period of five years in accordance with the provisions of section 18 of the Constitution (One Hundred and First Amendment) Act, 2016. 1. 1st July, 2017 vide notification No. G.S.R. 700 (E) dated the 28 June, 2017, see Gazette of India, Extraordinary, Part II, sec. 3(i). (p) "taxable supply" means a supply of goods or services or both which is chargeable to the cess under this Act; (q) "transition date" shall mean, in respect of any State, the date on which the State Goods and Services Tax Act of the concerned State comes into force; (r) "transition period" means a period of five years from the transition date; and (s) "Union Territories Goods and Services Tax Act" means the Union Territories Goods and Services Tax Act, 2017 (14 of 2017). (2) The words and expressions used and not defined in this Act but defined in the Central Goods and Services Tax Act and the Integrated Goods and Services Tax Act shall have the meanings respectively assigned to them in those Acts. 3 . Projected growth rate. --The projected nominal growth rate of revenue subsumed for a State during the transition period shall be fourteen per cent. per annum. 1. In this Schedule, reference to a "tariff item", "heading", "sub-heading" and "Chapter", wherever they occur, shall mean respectively a tariff item, heading, sub-heading and Chapter in the First Schedule to the Customs Tariff Act, 1975 (51 of 1975).