The Goods and Services Tax (GST), which was implemented across the country during last year has generated a whopping Rs 7.41 lakh crore during 2017-2018, according to the Finance Ministry, reports PTI.

The central government had rolled out GST on July 1, 2017.

"During the year 2017-2018, the total revenue collections under GST in the period between August 2017 and March 2018 has been Rs 7.19 lakh crore. Including the collection of July 2017, the total GST collections during the 2017-2018 stand provisionally at Rs 7.41 lakh crore," the Finance Ministry said in a tweet.

"This includes Rs 1.19 lakh crore of CGST, Rs 1.72 lakh crore of SGST, and Rs 3.66 lakh crore of IGST (including Rs 1.73 lakh crore on imports) and Rs 62,021 crore of cess (including Rs 5,702 crore on imports)," it said.

The average monthly collection has been Rs 89,885 crore during the August-March period, it said.

For a period of eight months, the total compensation released to the states during 2017-2018, stands at Rs 41,147 crore so as to ensure, that the revenue of the states is protected at the level of 14 percent over the base tax collection during 2015-2016.

It further added that the revenue gap of each state is coming down over the last eight months and the average revenue gap between all the states during last year stood at around 17 percent.