Registering a rise of 8.23 percent, Punjab’s gross GST revenue collection stands at Rs 1,055.24 crore during the month of September 2020 against Rs 974.96 crore for the corresponding period of last year.
Notably, the State Government has provided a relief to the taxpayers in furnishing returns for the previous months due to COVID-19. Further, taxpayers with turnover less than Rs five crore in the previous year continue to enjoy relaxation in furnishing of returns till September 2020.
Punjab Taxation Commissioner’s Office’s spokesperson said that the gross GST revenue collection for the state for the period from April to September 2020 stands at Rs 4,685.72 crore in comparison to Rs 6,790.34 crore for the similar period of last year thereby denoting a fall of 31 percent.
The spokesperson said that the protected revenue for the month of September 2020 is Rs 2403 crore against which the State has collected and received Rs 1055.24 crore that corresponds to approximately 43.91 percent of the protected revenue. Thus, for the month of September 2020, the amount of compensation due is Rs 1347.76 crore.
Further, the cumulative amount of compensation due for the period April to August 2020 is Rs 10,338 crores, out of which Rs 838 crores is received in the first week of October 2020 and rest of Rs 9500 crores is still awaited.
Spokesperson added that the National Gross GST revenue collection during the month of September 2020 is Rs 95,480 crore of which CGST is Rs 17,741 crore, SGST is Rs 23,131 crore, IGST is Rs 47,484 crore (including Rs 22,442 crore collected on import of goods) and Cess is Rs 7,124 crore (including Rs 788 crore collected on import of goods) whereas the national gross GST revenue collection during the month of September 2019 stood at Rs 91,916 crore of which CGST was Rs 16,630 crore, SGST was Rs 22,598 crore, IGST was Rs 45,069 crore (including Rs 22,097 crore collected on imports) and Cess was Rs 7,620 crore (including Rs 728 crore collected on imports).
The National Gross GST revenue collection during the month of September, 2020 is four percent higher than what was 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 102 percent and 105 percent respectively of the figures for the same month last year.
The National Gross GST revenue collection for the period April to September 2020 is Rs 4,54,591 crores in comparison to Rs 6,06,293 crores for the similar period last year thereby denoting a decline of 25 percent.
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 September 2020, the total VAT and CST collection is Rs 462.98 crores whereas it was Rs 332.32 crores for the month of September 2019 thereby indicating an increase of 39.32 percent.
The VAT and CST revenue collection for Punjab for the period April to September 2020 is Rs 2,499.77 crore in comparison to Rs 2729.47 crore for the similar period last year thereby denoting a decrease of 8.42 percent.
The GST, VAT and CST put together, the tax collection during September 2020 (Rs 1518.22 crores) over September 2019 (Rs 1307.28 crores) is up by Rs 210.94 crores—an increase of 16.14 percent. S
Spokesperson maintained that the collection in June partly represents the cumulative collection of April and May as well because of owing to the nationwide lockdown imposed due to the COVID-19 pandemic, the returns for previous months were filed in June 2020, after the restrictions imposed due to the pandemic were eased.