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HomeBusinessGST REVENUE COLLECTED ON RECEIPT BASIS STANDS AT RS. 1533 CRORES DURING...

GST REVENUE COLLECTED ON RECEIPT BASIS STANDS AT RS. 1533 CRORES DURING JULY

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GST REVENUE COLLECTED ON RECEIPT BASIS STANDS AT RS. 1533 CRORES DURING JULY

UP BY 29 PERCENT DURING CORRESPONDING PERIOD OF PREVIOUS YEAR

Chandigarh, August 3(WISHAVWARTA)-:The GST revenue collected on receipt basis, i.e cash collected under State Goods and Services Tax Head, Central Goods and Services Tax Head, Integrated Goods and Services Tax Head and Cess Head, during the month of July, 2021 stands at Rs. 1533 crores which remained Rs. 1188 crores during the month of July, 2020. There is growth of 29% in GST revenue collected on receipt basis.

Disclosing this here today, a spokesperson of the Taxation Department said that the Goods and Services Tax, being consumption based tax, Punjab’s revenue, which comes to the State’s kitty, is the State Goods and Services Tax collected in cash on intra state supplies made and the credit of Integrated Goods and Services Tax, used to make payment of State Goods and Services Tax, transferred by the Centre every month.

Divulging more, the spokesperson said that the GST revenue i.e. State Goods and Services Tax collected in cash and the credit of Integrated Goods and Services Tax, used to make payment of State Goods and Services Tax, transferred by the Centre, collected during the month of July, 2021 is Rs. 1455.85 crores which remained Rs. 1103.31 crores during the month of July, 2020. The GST revenue during the month of July, 2021 is 31.95% higher than the GST revenue during the month of July, 2020, which indicates that the pace of economic recovery has improved.

The GST revenue upto the month of July, 2021 is 85.28% higher than the corresponding period in the previous year. Punjab is rigorously monitoring bogus billing and unscrupulous trade practices through effective enforcement. Use of advanced data analytics from multiple sources and sector wise study of modus operandi of tax evasion in particular sectors is practised by Taxation Department, Punjab. Holistic and effective tax administration has contributed to the robust increase in tax revenue, said the spokesperson adding VAT and CST revenue during the month of July, 2021 is Rs. 692.44 crores and Rs. 28.76 crores respectively. VAT and CST revenue collection during the month of June, 2021 is 48.85% and 62.49% higher, respectively, than the collection made in the month of July, 2020 and the VAT and CST revenue upto the month of July, 2021 is 88.36% and 125.51% higher, respectively, than the corresponding period in the previous year.

Automobile retail is showing signs of recovery. Real Estate and construction activities are increasing, pumping the growth in cement and iron and steel sector. Service sector especially hospitality, tourism and food sector, which was worst hit by COVID-19 pandemic, has also shown some recovery.

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