Connect with us

Hi, what are you looking for?

Economy

Punjab GST collections Rs 1,087 crore in June; GST compensation dues total Rs 8,495 crore

Photo: FinMinIndia

Chandigarh, July 1 (MNN) Despite the second wave of COVID-19 pandemic and strict lockdown restrictions, Punjab’s GST collections during June 2021 stood at Rs 1,087 crore as compared with Rs 869.66 crore during June 2020.

GST compensation pending with the government of India in respect of Punjab up to June 30, 2021 has risen to Rs 8,495 crore, the state government said.

A Taxation Department spokesperson said that GST collection during June 2021 was 25.06 per cent higher than revenue receipts in June 2020.

Likewise, GST collections up to June 2021 this fiscal (Quarter -1 of 2021-22) is 123.48 per cent higher compared with corresponding period in the previous year.

Implementation of measures like QRMP to ease the compliance burden of taxpayers, closer monitoring against bogus billing, rigorous enforcement, advanced data analytics using data from multiple sources and effective tax administration also contributed to the steady increase in state’s tax revenue, said the spokesperson.

Meanwhile, VAT and CST collections during June 2021 stood at Rs 699.27 crore and Rs 20.96 crore respectively — an increase of 42.37 per cent and 104.90 per cent respectively over collections in June 2020.

VAT and CST revenue up to June 2021 this fiscal (Q-1 of 2021-22) is 106.73 per cent and 178.56 per cent higher, than corresponding period of the previous year respectively.

The Punjab State Development Tax (PSDT) is also administered by the Taxation Department.

Though there is a marginal decrease of 0.7 per cent in the collection of PSDT during June 2021 compared with June 2020, there is 14 per cent increase in collection of PSDT up to the June 2021 (Q-1 of 2021-22) compared with corresponding period of previous year.

You May Also Like

Religion

Lorem ipsum dolor sit amet, consectetur adipisicing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua.

Health

Lorem ipsum dolor sit amet, consectetur adipisicing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua.

Health

At vero eos et accusamus et iusto odio dignissimos ducimus qui blanditiis praesentium voluptatum deleniti atque corrupti quos dolores.

Health

Neque porro quisquam est, qui dolorem ipsum quia dolor sit amet, consectetur, adipisci velit, sed quia non numquam eius modi tempora incidunt.