· INCREASES FROM RS. 929.52 CRORE COLLECTED DURING CORRESPONDING PERIOD OF LAST YEAR
Chandigarh, November 5 (Press ki Tauqat News Bureau) : The gross GST revenue collection for Punjab stands at Rs.1060.76 crore during the month of October, 2020 against Rs. 929.52 crore for the corresponding period of last year thereby registering a rise of 14.12 percent.
Notably, against the fall in GST collections during the first 5 months of this Financial Year on account of slowdown in economic activities due to the prevailing Covid-19 scenario, the growth during the last 2 months is a sign of economic recovery.
According to a spokesperson of Punjab Taxation Commissioner’s Office, the gross GST revenue collection for Punjab for the period April to October, 2020 stands at Rs. 5746.48 crore in comparison to Rs. 7719.86 crore for the similar period of last year thereby denoting a fall of 25.56 percent.
Pointing out further, the spokesperson said that the protected revenue for the month of October, 2020 is Rs. 2403 crore against which the State has collected and received Rs. 1060 crore that corresponds to approximately 44 percent of the protected revenue. Thus, for the month of October 2020 the amount of compensation due is Rs. 1343 crore. Further, the cumulative amount of compensation due for the period April to September, 2020 is Rs. 10843 crore.
The Spokesperson further said that the National Gross GST revenue collection during the month of October, 2020 is Rs. 1,05,155 crore whereas the national gross GST revenue collection during the month of October, 2019 stood at Rs. 95,380 crore. National gross GST revenue collection for the period April to October, 2020 is Rs. 5,59,746 crore in comparison to Rs. 7,01,673 crore for the similar period last year thereby denoting a decline of 20.22 percent.
In addition to GST, the State of Punjab also collects tax revenue from VAT and CST regime. Major contributors to VAT and CST collection are alcohol for human consumption and five petroleum products which are outside the ambit of GST. For the month of October, 2020 the total VAT and CST collection is Rs. 536.33 crore whereas it was Rs. 447.17 crore for the month of October, 2019 thereby indicating an increase of 21.14%.
The VAT and CST revenue collection for Punjab for the period April to October, 2020 is Rs. 3037.65 crore in comparison to Rs. 3176.64 crore for the similar period last year thereby denoting a decrease of 3.97%.
The GST, VAT and CST put together, the tax collection during October 2020 (Rs 1597.09 crore) over October 2019 (Rs. 1376.69 crore) is up by Rs. 220.40 crore (+16 %).
