The government’s revenue collection under the Goods and Services Tax (GST) stood at Rs 7.41 lakh crore (provisional) during the financial year 2017-18 (July 2017 - March 2018).
According to the latest data released by the government, the collections were at Rs 7.19 lakh crore during the period August 2017- March 2018, which includes Rs 1.19 lakh crore of Central GST (CGST), Rs 1.72 lakh crore of State GST (SGST), Rs 3.66 lakh crore of Integrated GST (IGST) (including Rs 1.73 lakh crore on imports) and Rs 62,021 crore of cess (including Rs 5702 crore on imports). Besides, the average monthly GST Collection stood at Rs 89,885 crore in August-March Period.
The data noted that the total compensation released to the States for a period of eight months during FY18 was Rs 41,147 crore to ensure that the revenue of the States is protected at the level of 14% over the base year tax collection in 2015-16 and the SGST collection during the year, including the settlement of IGST stood at Rs 2.91 lakh crore. Besides, the average revenue gap of all states for last year is around 17%.