The GST collection for the FY 2017-18 stood at Rs 7.41 lakh. India’s new indirect tax law that subsumed 17 indirect taxes (central and state included) was launched on the midnight of July 1st, 2017 from the ramparts of the Red Fort in Delhi. The Prime Minister had at that time termed the GST as India’s second tryst with destiny.
IGST accounted for a major portion of the Rs 7.41 lakh Crore GST proceeds. IGST stood at Rs 3.66 lakh crore, whereas central and state GST stood at 1.19 lakh crore and Rs 1.72 lakh crore respectively. The average monthly collection for the eight-month fiscal period stood at Rs 89,885 crore.
GST: IGST, SGST, and CGST Figures
- As per GST provisions, returns for domestic supplies have to be filed by the 20th of the subsequent month and revenues are reported by 26th. Hence, for domestic supplies in current FY 2017-18, the GST was collected only for an eight-month period from August 2017 to March 2018
- IGST and cess on imports are collected for a nine-month period from July 2017 to March 2018 during the financial year 2017-18
- The SGST collection post-IGST deduction stood at Rs 2.91 lakh crore
State Compensation
As part of the Central-State agreement for levying GST, the Center paid Rs 41,147 to the states to compensate for the losses incurred by the Indian States due to GST implementation. The compensation would be paid each year to protect the states by keeping the revenue at the base level of 14% over the tax collection in 2015-16. The Average Revenue Gap for last year was pegged at 17%. This has however shown signs of recovery in the last months post the double jolt of Demonetization and GST on Indian Economy.
