AMN / NEW DELHI
Government has collected seven lakh 41 thousand crore rupees from the Goods and Services Tax (GST) during 2017-18. The GST was rolled from 1st of July last year. Finance Ministry in a release said, the total revenue collected under GST in the period between August 2017 and March this year has been seven lakh 19 thousand crore rupees.
This includes one lakh 19 thousand crore rupees of CGST, one lakh 72 thousand crore rupees of SGST, three lakh 66 thousand crore rupees of IGST and over 62 thousand crore rupees of cess. Finance Ministry said, for this eight months, the average monthly collection has been over 89 thousand crore rupees.
The total compensation released to the states for a period of eight months during 2017-18 was over 41 thousand crore rupees to ensure that the revenue of the states is protected at the level of 14 percent over the base year tax collection in 2015-16.