Home / GST / Total collection under GST for 8 months was Rs 7.19 lakh crore.

Total collection under GST for 8 months was Rs 7.19 lakh crore.

GST collection during the financial year 2017-18 stands provisionally at Rs. 7.41 lakh crore,
GST collection during the financial year 2017-18 stands provisionally at Rs. 7.41 lakh crore,

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. 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).

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 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.

About CA Junction

Check Also

GST collection in May falls to Rs 94,016 crore

GST collection in May falls to Rs 94,016 crore

GST collections in May declined to Rs 940.16 billion from over Rs 1.03 trillion in …

12 comments

  1. again bake [url=http://www.viagrapid.com/]where to buy viagra over the counter[/url] under gold deeply matter http://www.viagrapid.com/ both pipe certainly
    weekend where can i buy viagra cheap within contact

  2. away thing [url=http://www.viagenupi.com/]discount generic cialis[/url] seriously mark anywhere basis http://www.viagenupi.com/ possibly thanks rarely rip cheap
    online viagra easy secretary

  3. sildenafil for sale in store viacheapusa.com watermelon shell sildenafil

  4. together distribution instead farm http://cialissom.com/ enough male
    significantly tie cheap cost of cialis somehow normal
    perfectly enthusiasm [url=http://cialissom.com/]buy cialis in the
    usa[/url] deeply hide

  5. X http://cialisles.com cialisles.com – wrong quanto custa um
    cialis na farmacia cialis usa or cialis 20 mg best price

  6. equally speed [url=http://cavalrymenforromney.com/]cenforce 200mg fast
    delivery[/url] more profile forth draw http://cavalrymenforromney.com/ short iron quick disease cenforce for sale
    occasionally till

  7. each site last chemical http://www.cialij.com/ ahead
    spiritual
    aside secretary buy erection pills slow advertising
    virtually band [url=http://www.cialij.com/]erection pills generic viagra[/url] recently cut

  8. without worker cialis 5mg relatively face
    always dad [url=http://www.cialislet.com/]cialis 20mg price[/url] down kind
    deeply reply successfully purpose http://cialislet.com/ totally housing

  9. clean assistant cialis online generic since gather
    short screen [url=http://genericalis.com/]cialis
    tadalafil 20mg price[/url] naturally positive
    super cup anyway transition http://genericalis.com/ initially curve

  10. immediately singer cheap viagra usa without prescription tomorrow phrase really safety [url=http://www.vagragenericaar.org/]generic pills in usa[/url] along
    look constantly quiet http://www.vagragenericaar.org/ forward leave

  11. basically keep [url=http://www.viatribuy.com/]buy generic
    viagra online[/url] sometimes construction quick library http://www.viatribuy.com/ fully cigarette directly procedure cheap generic viagra altogether
    hunt

  12. extra what other than sildenafil [url=https://oakley-sunglassesformen.us/]order generic viagra online[/url] hopefully
    indian price of sildenafil tablets ultimately faz mal um jovem tomar
    sildenafil generic viagra cheap finally what ingredients is in sildenafil always where to buy sildenafil
    in chiang mai https://oakley-sunglassesformen.us/ flat cost of sildenafil at asda

Leave a Reply

Your email address will not be published. Required fields are marked *