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27
April 2018
 |
GST
(The Total Investment & Insurance Solutions)
Total
revenue collected under Goods and Services Tax (GST) for eight months upto
March this year has been Rs 7.19 lakh crore with an average monthly collection of
Rs 89,885 crore during the period.
"Including
the collection of July 2017, the total GST collection during the financial year
2017-18 stands provisionally at Rs. 7.41 lakh crore," an official
statement said here on Friday. The Total
Investment & Insurance Solutions
This
indirect tax regime was rolled out on July 1, 2017.
Of
the total revenue collection, Central GST was Rs 1.19 lakh crore, State GST was
Rs 1.72 lakh crore, Integrated GST was Rs. 3.66 lakh crore (including Rs. 1.73
lakh crore on imports) and cess was Rs. 62,021 crore (including Rs. 5702 crore
on imports). The Total Investment & Insurance
Solutions
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, the statement explained.
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 per cent over
the base year tax collection in 2015-16.
The
finance ministry statement said the revenue gap of each state is coming down
over last eight months. The average revenue gap of all states for last year is
around 17 per cent. The Total Investment
& Insurance Solutions
It
said there has been a progressive improvement in the compliance level observed
during the course of the year.
The
compliance level as on the due date has steadily increased and, by the end of
the financial year, has reached to an average of 65 per cent from around 55-57
per cent observed during initial months. The cumulative compliance levels
(percentage of returns filed till date) for initial months has crossed 90 per
cent and for July, 2018, has reached 96 per cent.
The
statement said state-wise variations in the compliance level were observed till
due date. However, including delayed filings, the State-wise compliance levels
converge over a period of time.The Total
Investment & Insurance Solutions
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