New Delhi: The government has collected Rs 7.41 lakh crore from the Goods and Services Tax (GST) during 2017-18, as per an official statement.
This includes Rs 1.19 lakh crore of CGST, Rs 1.72 lakh crore of SGST, Rs 3.66 lakh crore of IGST and Rs 62,021 crore of cess. For this eight months, the average monthly collection has been Rs 89,885 crore, it said.
The government rolled out the GST regime from July 1 last year.
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.
The SGST collection during the year, including the settlement of IGST has been Rs 2.91 lakh crore and the total compensation released to the States for a period of eight months during the last financial year was Rs 41,147 crore to ensure that the revenue of the States is protected at the level of 14% over the base year tax collection in 2015-16.
The Revenue Gap of each state is coming down over the last eight months, it said, adding the Average Revenue Gap of all the states for the last year is around 17 percent.