Rs7.19 lakh crore collected under GST from August 2017 to March 2018
27 April 2018
Total revenue collected under GST between August 2017 and March 2018 was Rs7.19 lakh crore.
This includes Rs1.19 lakh crore CGST, Rs1.72 lakh crore SGST, Rs3.66 lakh crore IGST, including Rs1.73 lakh crore on imports, and Rs62,021 crore of cess that included Rs5,702 crore on imports.
For this eight month period, the average monthly collection has been Rs89,885 crore.
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. Including the collection of July 2017, the total GST collection during the financial year 2017-18 stands provisionally at Rs. 7.41 lakh crore.
Revenue share the states
The SGST collection during the year, including the settlement of IGST has been Rs2.91 lakh crore. The total compensation released to the states for 8-month period during the last financial year was Rs41,147 crore to ensure that the revenue of the states is protected at the level of 14 per cent over the base year tax collection in 2015-16.
The revenue gap of each state has been coming down over last eight months. The average revenue gap of all states for last year was around 17 per cent.
The compliance level as on the due date had steadily increased and, by the end of the financial year, reached an average of 65 per cent from around 55 per cent to 57 per cent during initial months. The cumulative compliance levels (percentage of returns filed till date) for the initial months crossed 90 per cent and for July, 2018, it had reached 96 per cent.
According to a finance ministry statement, state-wise variations in the compliance continue till due date. "However, including delayed filings, the state-wise compliance levels converge over a period of time," the statement added.