New Delhi sources stated that the total GST (Goods and Services Tax) amount collected in 2017-18 is estimated at Rs 7.41 trillion. Due to the mid-year rollout and an accounting lag, the first year of the GST with revenues for a good part of four months not being accounted for. Meanwhile the union government had last reported a GST collection of Rs 7.17 trillion for the first eight months since the new tax regime that subsumed 17 central and state taxes on sale of goods and rendering of services was rolled out in July.
A finance ministry statement said the mere Rs 240 billion addition shown for March as against an average monthly collection of Rs 890 billion in the previous eight months indicated government desire to move to more current accounting methodology. Moreover it present, GST collections are accounted for only when returns after filed by the third week of the following month.
Accordingly from 2018-19 fiscal year that began this month, the government
is shifting to a cash basis of accounting where revenues accrued at the
completion of a month would be taken on record. Moreover under GST, the tax
levied on consumption of goods or rendering of service is split 50:50 between
the Centre and the states. Such tax is known as Central-GST or CGST and
State-GST or SGST.
