Revenue collection from GST stands at Rs. 7.41-lakh-crore in FY18
What's the story
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.
Twitter Post
Finance Ministry's tweet
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
Data
Average monthly GST collection was Rs. 89,885cr
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.
Compensation
Total compensation released to all states was Rs. 41,147cr
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.