Punjab’s gross GST (Goods and Services Tax) revenue collection during August 2020 stands at Rs 987.20 crore against Rs 1,014.03 crore for the corresponding period of the previous year thereby registering a decline of 2.64 per cent.
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.
The gross GST revenue collection for Punjab for the period April to August 2020 stands at Rs 3,630.48 crore in comparison to Rs 5,266.06 crore for the similar period of last year thereby denoting a fall of 31.05 per cent, said a spokesperson of Punjab Taxation Commissioner’s Office.
Spokesperson said that the protected revenue for the month of August 2020 is Rs 2,403 crore against which the State has collected and received Rs 987.20 crore that corresponds to approximately 41.08 per cent of the protected revenue.
Thus, for the month of August 2020, the amount of compensation due is Rs 1,415.8 crore which is awaited, added the aspokesperson adding that the amount of compensation due for the period April to July 2020 is Rs 6,965 crore which is also awaited.
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 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 per cent 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 per cent and 92 perc ent, respectively, of the figures for the same month last year.
Spokesperson said 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 per cent. 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 crore whereas it was Rs 394.14 crore for the month of August 2019 thereby indicating an increase of 26.78 per cent.
The VAT and CST revenue collection for Punjab for the period April to August 2020 is Rs 2032.75 Crore in comparison to Rs 2397.15 crore for the similar period last year thereby showing a decline of 15.20 per cent, added the Taxation Commissioner.
However GST, VAT, and CST put together, the tax collection during August 2020 (Rs 1,526.54 crore) over August 2019 (Rs 1,408.17 crore) is up by Rs 118.47 crore.