Economy

GST: Govt collects Rs 7.41 lakh cr in 2017-18

GST: Govt collects Rs 7.41 lakh cr in 2017-18”

Goods and services tax (GST) collections averaged just under Rs 90,000 crore a month in the first eight months after the rollout of the levy, adding up to Rs 7.19 lakh crore in the year ended March amid a steady improvement in compliance, the government said. While the deficit was "apparently perturbing", it was "expected to be reduced with e-way bills being in place and possible introduction of other anti-evasion measures like TDS/TCS, credit matching, etc", he said.

Filings have increased "For these eight months, the average monthly collection has been Rs 89,885 crore", the ministry said. This translated into monthly collections of a shade under Rs 90,000 crore amid signs that the Centre and states will help realise more funds in the coming months as the new regime was showing signs of settling down and the government's moves to check leakage of funds was picking pace. A cess is levied on top of these taxes on sin and luxury goods which make up for the compensation kitty used to make good of any revenue shortfall faced by states on implementation of GST.

The ministry said that since the tax on domestic supplies in a month comes in through returns and gets collected in the next month, therefore, GST on domestic supplies has been collected only from July-February.

"The average monthly collection under GST for FY18 was around ₹90,000 crore, [implying] a deficit of approximately 24% in reference to the estimations for this financial year, i.e., for FY 2018-19", Abhishek Jain, tax partner at EY India wrote in a note.

After a strong collection in the initial couple of months post the new tax regime's July 1 roll-out past year, the GST collections have dipped monthly far more often than they went up. For the period ending March 31, 2018, the GST collection has been put at Rs 7.41 trillion, a finance ministry statement said. The government has also collected Rs 20,000 crore in its cess pool, which will be utilised to compensate the states for revenue loss, an official said. Also, after introduction of e-way bill from April 1, one could expect the revenue buoyancy to continue.

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This includes Rs 1.19 lakh crore of CGST, Rs 1.72 lakh crore of SGST, Rs 3.66 lakh crore of IGST and Rs 62,021 crore of cess.

The SGST collection during the year, including the settlement of IGST has been Rs 2.91 lakh crore.

"Given the fact that it was the launch year, the focus was on stabilisation of the system". "It is hoped that the compliance level will improve further and all assessees registered will start paying taxes, thereby leading to improved GST collections in the new financial year".

In July, while the filings by the due date were only 57.69% of those required to do so, the figure has gone up to 96.1% now.



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