In August this year, the GST (goods and services tax) revenue income for the State of Punjab increased at Rs 1,188,70 crore by 20.41% compared to Rs, 987,20 crore by August 2020. Thus, it is indicating a quick economic rebound following the second COVID-19 wave. In this article, we will read about the latest update of the Punjab GST Collection rises by 20.41% in August 2021.
Punjab Taxation Commissionerate on GST Collection
“The high rate of growth is a fair indicator of the quick economic recovery following COVID-19’s second wave,” said the spokesman of the Punjab Tax Commissionerate. The spokesperson also adds that the sectoral analysis of State GST receipts suggests a healthy recovery in the sectors of iron and steel, the electronics industry, fertilizers, telecommunications, and the banking sector.
Reasons why Punjab GST Collection rises
The officials said the department’s strong anti-evasion operation, which included the strict supervision of spurious invoicing and shady trading practices and the use of advanced data analyses for the entire and efficient management of tax, attributes to rising in GST Collection.
VAT, CST, and GST Settlement in Punjab
In addition to the regular IGST settlement, Punjab has received an ad hoc settlement of Rs 448 crore in August for the first quarter of the financial year 2021-22. Consequently, GST turnover up to August saw a significant rise of over 80% over the same period the previous year.
The tax collection from the Value Added Tax (VAT) and Central Sales Tax (CST) during the month of August is Rs 648 crore and nearly Rs 27 crore, respectively.
The revenues of VAT and CST showed a strong rise of 24 percent and 40 percent respectively compared to the same month last year, this year showing the upbound economic recovery curve.
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