New Delhi: Government collected Rs 7.41 lakh crore from the Goods and Services Tax (GST) during 2017-18. The GST was rolled out from 1st of July last year.
Finance Ministry in a release said, the total revenue collected under GST in the period between August 2017 and March this year has been Rs 7.19 lakh crore.
This includes Rs 1.19 lakh crore of CGST, Rs 1.72 lakh crore of SGST, 3.66 lakh crore of IGST and over Rs 62,000 crore of cess.
Finance Ministry said, for this eight months, the average monthly collection has been over Rs 89,000 crore.
Including the collection of July 2017, the total GST collection during the financial year 2017-18 stands provisionally at Rs. 7.41 lakh crore, the Finance Ministry said.
While the tax on domestic supplies in a month is collected through the process of returns and gets collected in the next month, IGST and cess on imports gets collected in the same month. Therefore, during the current year, GST on domestic supplies has been collected only in eight months from August 2017 to March 2018, IGST and cess on imports has been collected for nine months, from July 2017 to March 2018, the statement explained.
The total compensation released to the states for a period of eight months during 2017-18 was over Rs 41,000 crore to ensure that the revenue of the states is protected at the level of 14 percent over the base year tax collection in 2015-16.
Revenue gap between states:
The revenue gap of each State is coming down over last eight months. The average revenue gap of all states for last year is around 17%, it said.
It said there has been a progressive improvement in the compliance level observed during the course of the year.
The compliance level as on the due date has steadily increased and, by the end of the financial year, has reached to an average of 65 per cent from around 55-57 per cent observed during initial months.
For more updates: Like us on Facebook and follow us on Twitter & Instagram.
