GST revenue collections for 2017-18 fiscal estimated at Rs7,19,000 cr

This includes Rs1,19,000 crore of CGST, Rs1,72,000 crore of SGST, Rs3,66,000 crore of IGST (including Rs1,73,000 crore on imports) and Rs62,021 crore of cess (including Rs5,702 crore on imports).

The average monthly revenue collection for the eight months stood at Rs89,885 crore.

While the tax on domestic supplies in a month is collected through the process of returns and gets collected in the succeeding 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, while 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 Rs7,41,000 crore.

The SGST collection during the year, including the settlement of IGST, has been Rs2,91,000 crore and the total compensation released to the states for a period of eight months during the last financial year was Rs41,147 crore to ensure that the revenue of the states is protected at the level of 14 per cent 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 per cent.

The compliance level has seen a progressive improvement during the course of the year. 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 per cent from around 55-57 per cent observed during initial months. The cumulative compliance levels (percentage of returns filed till date) for initial months has crossed 90 per cent and has reached 96 per cent.

State-wise variations in the compliance level have still been observed till due date. However, including delayed filings, the state-wise compliance levels converge over a period of time.