The Maharashtra Goods and Services Tax (Compensation to the Local Authorities) Act, 2017
Section 7. Projected revenue for any other year.
The projected revenue, not being first year, for any year for a local authority, shall be calculated by applying the projected growth rate over the base year revenue of that local authority, net of refunds, by applying the principle of compounded growth rate as per section 3.
Illustration.- If the base year revenue for 2016-17 for a concerned local authority, calculated as per section 5, is Rs. 200, then the projected revenue for, say, financial year 2018-19 shall be as follows :-
Projected Revenue for 2018-19 = 200 [1 + 8/100]2
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