Collections from the levy of the Goods and Services Tax (GST) stood at a provisional ₨7.41-lakh crore for the year ended March 31.
The GST regime was rolled out on July 1, 2017, and therefore the total tax collection pertains to the nine-month period from July 2017 to March 2018.
A statement from the Finance Ministry said the total GST revenue collected between August 2017 and March 2018 was ₨7.19-lakh crore. “For (these) eight months, the average monthly collection has been ₨89,885 crore,” the statement said.
These collection includes ₨1.19-lakh crore of Central GST, ₨1.72-lakh crore of State GST and ₨3.66-lakh crore of Integrated GST.
The Integrated GST collections include the ₨1.73-lakh crore tax on imports and ₨62,021 crore of cess.
Commenting on the collections, Abhishek A Rastogi, Partner, Khaitan& Co, said, “The collection is below target as rate cuts were announced in the recent past and various refunds in the case of export and other cases have also been cleared. It is hoped that the compliance level will improve further and all the assesses registered will start paying taxes, thereby leading to improved GST collections in the new financial year.”
The SGST collection during the year, including the settlement of IGST, has been ₨2.91-lakh crore and the total compensation released to the States ₨41,147 crore.
The compensation is to ensure that the revenue of the States is protected at the level of 14 per cent over the base-year tax collection in 2015-2016. “The revenue gap of each State is coming down over (the) last eight months.