Revenue collection from GST stands at Rs. 7.41-lakh-crore in FY18
(Sourced from PTI)
The government mobilized Rs. 7.41 lakh crore from the Goods and Services Tax (GST) during 2017-18 that was rolled out from 1 Jul'17. "During FY2017-18, total revenue collection under GST between August 2017 and March 2018 has been Rs. 7.19 lakh crore. Including July 2017, total GST collection during 2017-18 stands provisionally at Rs. 7.41 lakh crore," the Finance Ministry tweeted. Here's more.
Including the collection of July, 2017, the total GST Collections during the Financial Year 2017-18 stands provisionally at Rs. 7.41 Lakh Crore.— Ministry of Finance (@FinMinIndia) April 27, 2018
Out of Rs. 7.41-lakh-crore, Rs. 1.19-lakh-crore of CGST, Rs. 1.72-lakh-crore of SGST, Rs 3.66-lakh-crore of IGST (including Rs. 1.73-lakh-crore on imports) and Rs. 62,021cr of cess (including Rs. 5,702cr on imports) were collected. The average monthly collection was Rs. 89,885cr during August-March period.
The total compensation released to all states for a period of eight months during 2017-18 was Rs. 41,147 crore to ensure that revenue of states is protected at level of 14% over the base year tax collection in 2015-16. The Revenue Gap of each state (around 17%) is coming down over the last eight-months, the Finance Ministry said.