Average monthly GST collection at Rs 89,885 cr: FinMin

The government has collected Rs. 89,885 crore on an average in the last eight months under GST, the Ministry of Finance said today. The total collection in the last nine months stood at Rs 7.41 lakh crore, it added.

"During the year 2017-18, total Revenue Collections under GST in the period between August 2017 and March 2018 has been Rs. 7.19 lakh crore," tweeted the ministry.

The SGST Collection during the year 2017-18 including the settlement of IGST has been Rs. 2.91 lakh crore, it added.

Total Compensation released to the States for a period of 8 months during the last FY 2017-18 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 ministry further added: "The Revenue Gap of each State is coming down over the last eight months. The Average Revenue Gap of all the States for the last year is around 17 %."

This Includes Rs.1.19 lakh crore of CGST, Rs.1.72 lakh crore of SGST, and 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).