GST collections hit Rs 7.41L cr

India collected Rs 7.41 lakh crore in taxes in the first year of the Goods and Services Tax (GST) with revenues for a good part of four months not being accounted for because of the mid-year rollout and an accounting lag.

The government had last reported a GST collection of Rs 7.17 lakh crore for the first eight months since the tax regime that subsumed 17 central and state taxes on sale of goods and rendering of services was rolled out in July.

For the period ending March 31, 2018, the GST collection has been put at Rs 7.41 lakh crore, a finance ministry said.

The mere Rs 24,000 crore addition shown for March as against an average monthly collection of Rs 89,000 crore in the previous eight months indicated government desire to move to more current accounting methodology. GST collections are accounted for only when returns after filed by the third week of the following month.

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. Accordingly collection for April is likely to be released on May 1. "This includes Rs 1.19 lakh crore of CGST, Rs 1.72 lakh crore of SGST, 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)," it said. At the end of March, the Centre has Rs 20,000 crore in its cess pool, which will be utilised to compensate the states for revenue loss, an official said.