In a sign of continued development in business sentiment, Punjab has accounted for significant development in the GST collection in 1st half of pre covid financial year from 2020 to 2021. IGST (Integrated goods and services) and SGST (State goods and services) in April to September of this financial year stood at Rs 7851 crore, which is 54% higher than pre covid year from 2019 to 2020. The article demonstrates the Unexpected revenue growth in Punjab GST that is discussed in detail.
GST Collections in Punjab surpasses pre-pandemic levels as lockdown restrictions decrease
- According to indirect tax data compiled by state taxation, the state’s Goods and services tax collection from April to September was Rs 5097 crore.
- However, it goes down to Rs 4685 crore in the similar time of 2020 after covid broke out.
The finance department expects the optimistic trend would continue and the 2nd half of the year would post high revenues. It also said that the continuous growth in the collection in previous months shows that the financial system is recovering at a rapid speed. It can be seen that there is an unexpected revenue development in Punjab GST return filing for 2020 to 2021.
Anti evasion measures indicate unexpected revenue growth in Punjab GST return filing for 2020-21
Nilkanth S Avhad, a taxation commissioner, stated that Goods and services tax collection in the 1st six months of 2021 was indicative of development in utilization or boost compliance. Anti evasion actions such as data analysis, increased supervision, on-road detention, and plugging loopholes have contributed. He said that there is a lot more that is required to be completed. Besides, the ministry officials have detained three thousand vehicles or imposed a penalty of seventy-six crore in the previous six months for several violations.
Overall GST Collection Statistics
- GST collection is continuously growing to rs 1.1 trillion for the third month, and after that, in august, it stands at 1.12 trillion.
- The revenue for September 2020 observed development of four percent over that in 2019. Plus, the economists hope the uptick to carry on during the festive time assists the center in accomplishing an economic deficit target of 6.8%. So with the financial system has recovered from lows of covid 19, the collection of GST has stabilized.
- In addition, according to Statewise, GST revenue increased twenty-nine percent in Karnataka, 28% in Gujarat and 22% in Maharashtra, and 21% 9in A.P and Tamil Nadu.
- Also, it has been noticed that VAT (Value added tax) mop up from petroleum merchandise has observed a 66% flow from April to September time and rising to Rs 4024 crore this year from the Rs 2426 crore in 2021.
What is GST Return Filing?
A GST return is a document that shows the GSTIN number that a user may have registered, along with the details of sales/expenses/purchase of a taxpayer, which is also reviewed by tax authorities to calculate net tax liability. Once you have taken GST registration, you have to file GST Return irrespective of the turnover.
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