GST compensation math for states: Centre seeks June, July VAT details to finalise revenue gap

States have been asked to furnish their Value Added Tax (VAT) collections for June and July to help Centre in determining the revenue gap after the shift to the Goods and Services Tax (GST) regime. Only after the collation of VAT data with the available July SGST (state GST) figures is finalised, the calculations for compensation for states under the indirect tax regime will get kickstarted, two g…