New Delhi: The government mobilised Rs 7.41 lakh crore from the Goods and Services Tax (GST) during 2017-18, according to the finance ministry.
The government rolled out the GST regime from 1 July last year.
"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.
"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.
The average monthly collection has been Rs 89,885 crore during the August-March period, it said.
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
Total compensation released to the states for a period of eight months during 2017-18 was Rs 41,147 crore to ensure that the revenue of the states is protected at the level of 14 percent 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.
“Optimism for improved collections in the new financial year is based on the fact that the transitional credits largely have been utilised by March end. The collection is below target as rate cuts were announced in the recent past and various refunds in case of export and other cases have also been cleared. It is hoped that the compliance level will improve further and all the assessees registered will start paying taxes, thereby leading to improved GST collections in the new financial year,” Abhishek A Rastogi, Partner, Khaitan & Co said.
Vishal Raheja, DGM GST, Taxmann said that the GST Revenue Collection figures are not comparable with earlier budgetary estimates due to several reasons like inclusion of IGST and CESS collection of Imports in these figures.
"However, the Statement of Finance Secretary on GST Collection of achieving 98% of Budget Target shows that there is stable revenue growth after GST implementation. The figures certainly indicate that collections are improving and revenue gap of States post GST is narrowing which is very good indication for economy as a whole. Moreover, narrower revenue gap for States after GST will clear path for inclusion of petroleum and alcohol into ambit of GST. Currently, States are opposing inclusion of these products due to fear of loss of revenue collection. If such upward trend continues, it is highly probable that Petroleum and alcohol will be subject to GST,” Raheja added.
With inputs from PTI
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Updated Date: Apr 27, 2018 16:18 PM