Revenue collections from the goods and services tax (GST) are estimated to exceed Rs 1 lakh crore in October 2021. GST receipts for business activity are expected to range between Rs 1.15 lakh crore and Rs 1.20 lakh crore.
The gross GST income received for commercial operations was Rs 1.17 lakh crore in September, surpassing the 1 lakh crore mark for the third month in a row.
According to reports, the most significant growth sectors were white goods, machinery, food and FMCG items, and agricultural equipment. Furthermore, the Finance Ministry has been able to close income leakage gaps and impose rigorous measures such as contacting non-filers to ensure prompt return filing, which has aided growth.
The overall GST income collected in September 2021 was Rs 1,17,010 crore. The Central Goods and Services Tax (CGST) accounted for more than Rs 20,000 crore of this total. States and the Goods and Services Tax (SGST) also contributed Rs 26,000 crore. The Integrated Goods and Services Tax (IGST) was worth more than Rs 60,000 crore.
GST receipts in September 2020 increased by more than a percentage above tickets in September 2019.
The consistent increase in GST collecting implies that the country’s economic activity is improving. The finance ministry has previously stated that it expected the excellent trend to continue in the year’s second half.