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[Cites 0, Cited by 0] [Section 11(2)] [Section 11] [Entire Act]

Union of India - Subsection

Section 11(2)(c) in The Goods and services Tax Settlement of funds Rules, 2017

(c)Based on the revised calculation received from Goods and Services Tax Network and after having reconciled the discrepancy referred to in sub clause (a) and (b), in case any changes have been made with respect to any State, the Principal Chief Controller of Accounts shall calculate the net payment to be made from Integrated Goods and Services Tax account to each State or vice versa and shall upload a final State-wise summary of the same on the Centralised Accounting portal within three days of receipt of the revised data from Goods and Services Tax Network and based on uploading of this data a final sanction order for the month shall be issued by Department of Revenue as per the procedure laid down below-
(i)the Centralized Accounting Portal of Central Accounting Authority shall be used by the Department of Revenue, Ministry of Finance to download the details of the State-wise fund settlement with States.
(ii)a designated officer in the Department of Revenue shall issue the Sanction order of funds to be transferred from Integrated Goods and Services Tax account to each State or vice versa after obtaining necessary approvals of the competent authority.
(iii)the provisional sanction order for each month for each State shall be issued based on details uploaded by Principal Chief Controller of Accounts as per sub-rule (1).
(iv)the final sanction order for each month for each State, in case needed, shall be issued based on details uploaded by Principal Chief Controller of Accounts as per sub-rule (3) .
(v)the sanction orders shall be issued within three days of uploading of details of the State-wise fund settlement by Principal Chief Controller of Accounts.
(vi)the electronic Sanction (digitally signed) addressed to Central Accounting Authority containing State-wise details shall then be uploaded on the portal of the Central Accounting Authority (Office of Principal Chief Controller of Accounts, Central Board of Excise and Customs through login based system.
(vii)as the sanction letter will also contain the details of settlement, it shall be available in records of State Government for future reconciliation and audit purposes.
(viii)State Governments shall come to know about the fund being transferred by Centre through the sanction.
(ix)Copy of sanction shall also be endorsed to concerned State Accountant General.
(x)The Central Accounting Authority shall generate an Inter Government Advice on the basis of Sanction received from Department of Revenue and send it to Reserve Bank of India [Central Accounts Section, Nagpur] electronically within three days of issue of sanction order.
(xi)Reserve Bank of India shall make the necessary fund settlement between the Consolidated Fund of India and the Consolidated Fund of States of the respective State, on the basis of electronic Inter Government Advice; generate the `Clearance Memo' and transmit the same to Central Accounting Authority and State Accounting Authorities and Accountant General.
(xii)The Central Accounting Authorities shall make appropriate accounting entries at the time of issuance of inter Government Advice to Reserve Bank of India.
(xiii)The respective State Accounting Authorities and Accountant General shall make appropriate accounting entries at the time of receipt of clearance Memo from Reserve Bank of India.