Average monthly GST collection since rollout Rs 90,000 crore: Finance Ministry

WION Web Team Delhi, India Apr 27, 2018, 01.53 PM(IST)

File photo. Photograph:( Zee News Network )

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The ministry further noted that the Revenue Gap in each state has been on the decline over the last eight months

According to the finance ministry, the government was able to mobilise Rs 7.41 lakh crore from the Goods and Services Tax (GST) during 2017-18.

"During the year 2017-18, total revenue collections under GST in the period between August 2017 and March 2018 has been Rs 7.19 lakh crore. Including the collection of July, 2017, the total GST collections during the 2017-18 stands provisionally at Rs. 7.41 lakh crore," the Finance Ministry said in a tweet.

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"This includes Rs 1.19 lakh crore of CGST, Rs.1.72 lakh crore of SGST, and Rs 3.66 lakh crore of IGST (including Rs 1.73 lakh crore on imports) and Rs 62,021 crore of cess (including Rs 5,702 crore on imports)," it said.

According to the finance ministry, the average monthly collection during the August-March period has amounted to Rs 89,885 crore.

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Total compensation released to the states for a period of eight months during 2017-18 was Rs 41,147 crore, this was 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 ministry further noted that the Revenue Gap in each state has been on the decline over the last eight months.

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The GST was rolled out on July 1, 2017.

(With inputs from PTI)