(See section 4)
1.In this Schedule "net proceeds", as respects any financial year, means the net proceeds of the additional duties in respect of sugar, tobacco, cotton fabrics, silk fabrics, woollen fabrics and rayon or artificial silk fabrics levied and collected during that financial year.
2.During each of the financial years commencing on and after the 1st April, 1962, there shall be paid,-
(a) to the State of Jammu and Kashmir a sum equal to 1.5 per cent.of the net proceeds; and
(b) to each of the States specified in the first column of the Table-
(i) a sum equal to the amount specified against that State in the second column of the Table; and
(ii) if the total of the sums payable to all the States under the preceding provisions of this paragraph is less than 99 per cent.of the net proceeds by any amount, a further sum equal to such percentage of that amount as is specified against that State in the third column of the Table:
Provided that if during that financial year there is levied and collected in any State a tax on the sale or purchase of sugar, tobacco, cotton fabrics, silk fabrics, woollen fabrics and rayon or artificial silk fabrics by or under any law of that State, no sums shall be payable to that State under clause (a) , or as the case may be, under clause (b) in respect of that financial year, unless the Central Government by special otherwise directs.
|Rupees in Lakhs|
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