TMI BlogGST Revenue Collections for the Financial Year 2017-18X X X X Extracts X X X X X X X X Extracts X X X X ..... GST Revenue Collections for the Financial Year 2017-18 - Goods and Services Tax - GST Dated:- 27-4-2018 - News - GST Revenue Collections for the Financial Year 2017-18 Total Revenue of ₹ 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 S ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 77; 7.19 lakh crore. This includes ₹ 1.19 lakh crore of CGST, ₹ 1.72 lakh crore of SGST, ₹ 3.66 lakh crore of IGST (including ₹ 1.73 lakh crore on imports) and ₹ 62,021 crore of cess (including ₹ 5702 crore on imports). For this eight months, the average monthly collection has been ₹ 89,885 crore. While the tax on domestic supplies in a month is collect ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed 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 t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... otal GST collection during the financial year 2017-18 stands provisionally at ₹ 7.41 lakh crore . Revenue of the States 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 for a period of eight months during the last financial year was ₹ 41,147 crore to ensure that the revenue o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f 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 per ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... centage 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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% ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Jan '18 8322611 5394018 64.81% 6694387 80.44% Feb '18 8527127 5451004 63.93% 6562362 76.96% Mar '18 8715163 5458728 62.63% ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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% ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . 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. - News - Press release - PIB Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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