The gross GST revenue collection for Punjab stands at Rs 987.20 crore during the month of August, 2020 against Rs 1014.03 crore

Chandigarh: The gross GST revenue collection for Punjab stands at Rs 987.20 crore during the month of August, 2020 against Rs 1014.03 crore for the corresponding period of last year thereby registering a decline of 2.64%.

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.

GSTAccording to a spokesperson of Punjab Taxation Commissioner’s Office, the gross GST revenue collection for Punjab for the period April to August, 2020 stands at Rs 3630.48 crore in comparison to Rs 5266.06 crore for the similar period of last year thereby denoting a fall of 31.05%.

Pointing out further, the spokesperson said that the protected revenue for the month of August, 2020 is Rs 2403 crore against which the state has collected and received Rs 987.20 crore that corresponds to approximately 41.08% of the protected revenue.

Thus, for the month of August 2020 the amount of compensation due is Rs 1415.8 crore which is awaited. Further, the amount of compensation due for the period April to July, 2020 is Rs 6965 crore which is also awaited.

GSTThe Spokesperson further said that the National Gross GST revenue collection during the month of August, 2020 is Rs 86,449 crore of which CGST is Rs 15,906 crore, SGST is Rs 21,064 crore, IGST is Rs 42,264 crore (including Rs 19,179 crore collected on import of goods) and Cess is Rs 7,215 crore (including Rs 673 crore collected on import of goods) whereas the National Gross GST revenue collection during the month of August, 2019 stood at Rs 98,202 crore of which CGST was Rs 17,733 crore, SGST was Rs 24,239 crore, IGST was Rs 48,958 crore (including Rs 24,818 crore collected on imports) and Cess was Rs 7,273 crore (including Rs 841 crore collected on imports). 

The National Gross GST revenue collection during the month of August, 2020 is 88% of that 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 77% and 92% respectively of the figures for the same month last year.

The National Gross GST revenue collection for the period April to August, 2020 is Rs 3,59,111 Crore in comparison to  Rs 5,14,377 Crore for the similar period last year thereby denoting a decline of 30%.

Punjab government 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 August, 2020 the total VAT and CST collection stands at Rs 539.44 Cr whereas it was 394.14 Cr for the month of August, 2019 thereby indicating an increase of 26.78%.

The VAT and CST revenue collection for Punjab for the period April to August, 2020 is Rs 2032.75 Cr in comparison to Rs 2397.15 Cr for the similar period last year thereby showing a decline of 15.20%, added the Taxation Commissioner.

However GST, VAT and CST put together, the tax collection during August 2020 (Rs 1526.54 Cr) over August 2019 (Rs 1408.17 Cr) is up by Rs 118.47 Cr.