English Hindi October 26, 2020

Punjab

PUNJAB GROSS GST COLLECTION STANDS AT RS. 1055.24 CRORE DURING SEPTEMBER 2020

October 11, 2020 05:04 PM

• INCREASES FROM RS. 974.96 CRORE COLLECTED DURING CORRESPONDING PERIOD OF LAST YEAR
• SHOWS RISE OF 8.23 PERCENT

Groa Times Service
Chandigarh, October 11
The gross GST revenue collection for Punjab stands at Rs.1055.24 crore during the month of September, 2020 against Rs. 974.96 crore for the corresponding period of last year thereby registering a rise of 8.23 percent.
Notably, the taxpayers had been provided relief in the furnishing of returns for the previous months due to COVID-19. Further, taxpayers with turnover less than Rs. 5 crore in the previous year continue to enjoy relaxation in furnishing of returns till September, 2020.
According to a spokesperson of Punjab Taxation Commissioner's Office, the gross GST revenue collection for Punjab for the period April to September, 2020 stands at Rs. 4685.72 crore in comparison to Rs. 6790.34 crore for the similar period of last year thereby denoting a fall of 31.00 percent.
Pointing out further, the spokesperson said that the protected revenue for the month of September, 2020 is Rs. 2403 crore against which the State has collected and received Rs. 1055.24 crore that corresponds to approximately 43.91 percent of the protected revenue. Thus, for the month of September 2020 the amount of compensation due is Rs. 1347.76 crore. Further, the cumulative amount of compensation due for the period April to August, 2020 is ₹10338 crores. Out of which ₹838 crores is received in the 1st week of October, 2020 and rest of ₹9500 crores is still awaited.
The Spokesperson further said that the National Gross GST revenue collection during the month of September, 2020 is ₹ 95, 480 crore of which CGST is ₹17, 741 crore, SGST is ₹23, 131 crore, IGST is ₹47, 484 crore (including ₹22, 442 crore collected on import of goods) and Cess is ₹7, 124 crore (including ₹ 788 crore collected on import of goods) whereas the national gross GST revenue collection during the month of September, 2019 stood at Rs. 91, 916 crore of which CGST was Rs.16, 630 crore, SGST was Rs.22, 598 crore, IGST was ₹45, 069 crore (including ₹ 22, 097 crore collected on imports) and Cess was ₹ 7, 620 crore (including ₹728 crore collected on imports).
The National Gross GST revenue collection during the month of September, 2020 is 4% higher than what was collected in the same month last year. Further, the National Gross GST revenue collection from import of goods as well as from domestic transactions (including import of services) stands at 102 percent and 105 percent respectively of the figures for the same month last year.
The National Gross GST revenue collection for the period April to September, 2020 is ₹ 4, 54, 591 crores in comparison to ₹ 6, 06, 293 crores for the similar period last year thereby denoting a decline of 25%.
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 September, 2020 the total VAT and CST collection is ₹462.98 crores whereas it was ₹332.32 crores for the month of September, 2019 thereby indicating an increase of 39.32%.
The VAT and CST revenue collection for Punjab for the period April to September, 2020 is ₹2499.77 crore in comparison to ₹2729.47 crore for the similar period last year thereby denoting a decrease of 8.42%.
The GST, VAT and CST put together, the tax collection during September 2020 (₹1518.22 crores) over September 2019 (₹1307.28 crores) is up by ₹210.94 crores (+16.14%).

Comparison of GST Revenue collections of Punjab:-
Month 2019 2020
April Rs. 1304.13 Cr Rs. 156.28 Cr
May Rs. 998.13 Cr Rs. 514.03 Cr
June Rs. 950.36 Cr Rs. 869.66 Cr
July Rs. 1548.15 Cr Rs. 1103.31 Cr
August Rs. 1014.03 Cr Rs. 987.20 Cr
September Rs. 974.96 Cr Rs. 1055.24 Cr

The Collection in June partly represents the cumulative collection of April and May as well because of owing to the nationwide lockdown imposed due to the Covid-19 pandemic, the returns for previous months were filed in June 2020, after the restructions imposed due to the pandemic were eased.
-----------

Have something to say? Post your comment