Maharashtra Goods and Services Tax (Compensation to the Local Authorities) Act, 2017
No: 41 Dated: May, 29 2017
Maharashtra Goods and Services Tax Act, 2017
THE MAHARASHTRA GOODS AND SERVICES TAX (COMPENSATION TO THE LOCAL AUTHORITIES ACT, 2017
ACT No. XLI OF 2017
An Act to provide for compensation to the Municipal Corporation of Brihan Mumbai and other local authorities for loss of revenue arising on account of abolition of octroi and local body tax, due to implementation of the goods and services tax and for matters connected therewith or incidental thereto.
WHEREAS, it is expedient to provide for compensation to the Municipal Corporation of Brihan Mumbai and other local authorities for loss of revenue arising on account of abolition of octroi and local body tax, due to implementation of the goods and services tax and for matters connected therewith or incidental thereto;
It is hereby enacted in the Sixty-eighth Year of the Republic of India as follows :––
1. Short title, extent and commencement:- (1) This Act may be called the Maharashtra Goods and Services Tax (Compensation to the Local Authorities) Act, 2017.
(2) It extends to the whole of the State of Maharashtra.
(3) It shall come into force on such date as the State Government may, by notification in the Official Gazette, appoint.
2. Definitions:- (1) In this Act unless the context otherwise requires,––
(a) “appointed date” means the date on which the Maharashtra Goods and Services Tax Act, 2017 comes into force;
(b) “base year” means the year specified in section 4 of the Act;
(c) “base year revenue” means the revenue collected by the local authorities as specified in section 5 of the Act;
(d) “compensation” means an amount determined under section 8 of the Act;
(e) “Goods and Services Tax Act” means the Maharashtra Goods and Services Tax Act, 2017;
(f) “local authority” means the local authorities specified in the Schedule of the Act;
(g) “projected growth rate” means the rate of growth projected as per section 3 of the Act;
(h) “projected revenue” means the revenue calculated as per sections 6 and 7 of the Act;
(i) “Schedule” means the Schedule appended to the Act.
(2) Words and expressions used and not defined in this Act but defined in the Maharashtra Goods and Services Tax Act, 2017 shall have the same meanings respectively assigned to them in that Act.