Average Monthly GST Collection In Aug-Mar Period At Rs 89,885 Cr

The Finance Ministry said that the government collected an average monthly Goods and Services Tax of Rs 89,885 crore in the August to March period.

The total revenue collected under the new nationwide sales tax from August 2017 to March 2018 was Rs 7.19 lakh crore, the ministry said in a statement.

While the tax on domestic supplies in a month is collected through the process of returns and gets collected in the next month, Integrated GST 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. Including the collection of July 2017, the total GST collection during the financial year 2017-18 stands provisionally at Rs. 7.41 lakh crore.

Here’s the break-up of the GST collections in the August-March period:

• Central GST: Rs 1.19 lakh crore.
• State GST: Rs 1.72 lakh crore.
• Integrated GST: Rs 3.66 lakh crore (including the Rs 1.73 lakh crore levy on imports).
• Cess: Rs 62,021 crore (including Rs 5,702 crore on imports).
• The SGST collection, including the settlement of IGST, in 2017-18 was Rs 2.91 lakh crore.
  

Total compensation released to the states in eight months of 2017-18 was Rs 41,147 crore to ensure that their revenue is protected at 14 percent of the base year of 2015-16, according to the ministry. The revenue gap of all the states for year is around 17 percent.

The SGST Collection during the year 2017-18 including the settlement of IGST has been Rs. 2.91 Lakh Crore.

— Ministry of Finance (@FinMinIndia) April 27, 2018

Collections are expected to stabilise in another six months after the implementation of the e-way bill on 18 June, according to a previous statement by Priyajit Ghosh, partner at KPMG.

(This piece was originally published on BloombergQuint and has been republished with permission. Read the original story here.)

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