Total Revenue of Rs. 7.19 lakh crore collected under GST in
the period between August 2017 and March 2018
During 2017-18, total revenue collected under GST in the
period between August 2017 and March 2018 has been Rs. 7.19 lakh crore. This
includes Rs. 1.19 lakh crore of CGST, Rs. 1.72 lakh crore of SGST, Rs. 3.66
lakh crore of IGST (including Rs. 1.73 lakh crore on imports) and Rs. 62,021
crore of cess (including Rs. 5702 crore on imports). For this eight months, the
average monthly collection has been Rs. 89,885 crore.
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. Including the collection of July
2017, the total GST collection during the financial year 2017-18 stands
provisionally at Rs. 7.41 lakh crore.
Revenue of the States
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% over the base year tax collection in 2015-16. 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%.
Return Filing During the year
There has been a progressive improvement in the compliance
level observed during the course of the year. Following table shows the
percentage of returns filed as on due date and the cumulative level of
compliance.
Return Period
|
Required to file
|
Till due date
|
Cumulative
|
||
Returns
|
%
|
Returns
|
%
|
||
July '17
|
6647581
|
3834877
|
57.69%
|
6388549
|
96.10%
|
Aug '17
|
7370102
|
2725183
|
36.98%
|
6851732
|
92.97%
|
Sep '17
|
7823806
|
3934256
|
50.29%
|
7109143
|
90.87%
|
Oct '17
|
7721075
|
4368711
|
56.58%
|
6777440
|
87.78%
|
Nov '17
|
7957204
|
4913065
|
61.74%
|
6765603
|
85.02%
|
Dec '17
|
8122425
|
5426278
|
66.81%
|
6747887
|
83.08%
|
Jan '18
|
8322611
|
5394018
|
64.81%
|
6694387
|
80.44%
|
Feb '18
|
8527127
|
5451004
|
63.93%
|
6562362
|
76.96%
|
Mar '18
|
8715163
|
5458728
|
62.63%
|
5630683
|
64.61%
|
As may be seen, 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% from around 55-57% observed during initial months. The
cumulative compliance levels (percentage of returns filed till date) for
initial months has crossed 90% and for July, 2018, has reached 96%.
There are State-wise variations in the compliance level
observed till due date. However, including delayed filings, the State-wise
compliance levels converge over a period of time.
Courtesy: pib.nic.in
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