KUALA LUMPUR (Oct 21): The total goods and services tax (GST) collection has reached nearly RM30 billion as of Oct 19, 2016, said Prime Minister Datuk Seri Najib Razak.

The figure is 77.9% of the RM38.5 billion the government expect to collect from the consumption tax this year.

This implied that GST collection from July 1 to Oct 19 was as much as RM12.76 billion. As at end-June, GST collection was only RM17.24 billion or 44.2% of the RM39 billion projected last year, official figures showed.

The projected GST collection for 2016 was revised lower to RM38.5 billion before rising to RM40 billion for 2017, according to the Economic Report 2016/17. In the first nine months GST was implemented in 2015, collection was RM27.01 billion.

Presently, there are 2.1 million income tax payers out of 14.6 million of the country’s total workforce.

Najib also said the GST rate stays at 6%.

"We should not believe the grapevine of the increase in GST rates. Those are just hearsays and are untrue," the prime minister said in Parliament when tabling Budget 2017 today.

He said with the implementation of the GST, the government is able to support its expenditure amid limited resources.

With the recent fall in oil prices, Najib added that it is estimated a loss of government’s revenue by RM30 billion from income tax, corporate tax, royalty, Petronas dividend and petroleum income tax.