Punjab revenue collection from GST, VAT & CST up by 5.32 percent compared to previous year

GST

The total revenue collection from GST, VAT and CST put together during January, 2021 stands at Rs 1733.95 crore

Chandigarh: The total revenue collection from GST, VAT and CST put together during January, 2021 stands at Rs 1733.95 crore whereas it was Rs 1646.4 crore for the month of January 2020 thus signifying an increase of 5.32 percent.

The total GST collection for the month of January, 2021 is Rs 1185.96 crore whereas it was Rs 1194.81 crore for the month of January, 2020 which shows decrease of 0.74 percent.

GST GST

According to a spokesperson of Punjab Taxation Commissioner’s Office, the gross GST revenue collection for Punjab for the period April to January, 2021 stands at Rs 9066.96 crore in comparison to Rs 10,562.41 crore for the similar period of last year thereby denoting a fall of 14 percent.

Pointing out further, the spokesperson said that the protected revenue for the month of January, 2021 is Rs 2403 crore against which the State has collected and received Rs 1185.96 crore that corresponds to approximately 49.35 percent of the protected revenue. Thus, for the month of January 2021 the amount of compensation due is Rs 1217.04 crore. Further, the cumulative amount of compensation due with the Government of India for the period April to January, 2021 is Rs 8253 crore.

The Spokesperson further said that the National Gross GST revenue collection during the month of January, 2021 is Rs 1,19,847 crore whereas the national gross GST revenue collection during the month of January, 2020 stood at Rs 1,10,828 crore denoting an increase of 8 percent. The national SGST collection for January, 2021 is Rs 48,385 crore with Punjab contributing 2.5 percent of the said collection.

GST GSTIn 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 January, 2021 the total VAT and CST collection is Rs 547.99 crore whereas it was Rs 451.59 crore for the month of January, 2020 thereby indicating increase of 21.34 percent

The VAT and CST revenue collection for Punjab for the period April to January, 2021 is Rs 5022.01 crore in comparison to Rs 4589.18 crore for the similar period last year thereby denoting increase of 9.43 percent.