The goods and services tax (GST) revenue collections are expected to continue to trend above Rs 1 lakh crore in October 2021. The GST collections for business activities will likely be between Rs 1.15 lakh crore to Rs 1.20 lakh crore.
In September, the gross GST revenue collected for business activities stood at Rs 1.17 lakh crore — crossing the 1 lakh crore threshold for the third month in a row.
The major sectors for growth were white goods, machinery, food and FMCG products, and agriculture equipment, sources said. Further, the Finance Ministry has been able to plug revenue leakage loopholes and enforce strict measures like reaching out to non-filers for timely return filing, further aiding the growth.
In September 2021, the gross GST revenue collection stood at Rs 1,17,010 crore. Of this, Central Goods and Services Tax (CGST) stood at over Rs 20,000 crore. And States and Goods Services Tax (SGST) contributed Rs 26,000 crore. The Integrated Goods and Services Tax (IGST) stood at over Rs 60,000 crore.
GST collections in September 2020 grew over percent compared to the collections in September 2019.
The regular improvement in GST collections indicates the economic activity in the country is improving. In the previous month, the finance ministry had said it expects the positive trend to continue for the second half of the year.
