Punjab has registered an increase of 70.65 per cent in the collection of VAT (value added tax) and CST (Central Sales Tax) for the month of November this year — recording a collection of Rs 765.25 crore in November 2020 against Rs 448.42 crore in November 2019.
“The gross GST(goods and services tax ) revenue collection for Punjab for the period April to November, 2020, stands at Rs 6,814.29 crore in comparison to Rs 8,842.79 crore for the similar period of last year thereby denoting a fall of 22.94 percent,” said a spokesperson of Punjab Taxation Commissioner’s Office.
Pointing out further, the spokesperson said that the protected revenue for the month of November 2020 is Rs 2,403 crore against which the State has collected and received Rs 1,067 crore that corresponds to approximately 44.4 percent of the protected revenue.
Thus, for the month of November 2020, the amount of compensation due is Rs 1,336 crore.
Further, the cumulative amount of compensation due for the period April to October, 2020, is Rs 12,186 crore.
The spokesperson added that the National Gross GST revenue collection during the month of November 2020 is Rs 1,04,963 crore whereas the national gross GST revenue collection during the month of November 2019 stood at Rs 1,03,491 crore denoting an increase of 1.4 percent.
National gross GST revenue collection for the period April to November, 2020, is Rs 6,64,709 crore in comparison to Rs 8,05,164 crore for the similar period last year thereby denoting a decline of 17.44 percent.
In addition to GST, the state also collects tax revenue from VAT (value added tax) and CST (Central Sales Tax)regime. Major contributors to VAT and CST collection are alcohol for human consumption and five petroleum products which are outside the ambit of GST.
The VAT (value added tax) and CST (Central Sales Tax) revenue collection for Punjab for the period April to November, 2020, is Rs 3,802.9 crore in comparison to Rs 3,625.06 crore for the similar period last year thereby denoting an increase of 4.90 percent, the spokesperson said.
The GST, VAT, and CST (Central Sales Tax) put together, the tax collection during November 2020 (Rs 1833.06 crore) over November 2019 (Rs 1,571.35 crore) is up by Rs 261.71 crore (an increase of 16.65 percent).
The gross GST revenue collection for Punjab stands at Rs 1,067.81 crore during the month of November 2020 against Rs 1,122.93 crore for the corresponding period of last year thereby signifying decrease of 4.91 percent, he added.
However, the gross GST revenue collection for November 2020 (Rs 1,067.81 crore) is marginally higher than the gross GST revenue collection during the previous month, that is October 2020 (Rs 1,060.76 crore).