Rs 7.19 lakh crore collected as GST in FY18

The Centre has collected Rs 7.19 lakh crore as Goods and Service Tax (GST) in the eight months (August-March) of the financial year 2017-18.

With this, the average monthly collection of GST stands at Rs 89,885 crore, the finance ministry said Friday.

GST was implemented on July one last year. In these eight months, the govt collected Rs 1.19 lakh crore as Central GST, Rs 1.72 lakh crore as State GST and Rs 3.66 lakh crore as integrated GST, the ministry said in a statement.

The total cess collected in the financial year just gone by was Rs 62,021 crore

Total compensation released to the states in the eight months of 2017-18 was Rs 41,147 crore to ensure that their revenue is protected at 14% of the base year of 2015-16, the ministry said. The revenue gap of all the states for the year is around 17 percent.