DIPS FROM RS.1215.99 CR COLLECTED DURING CORRESPONDING PERIOD OF LAST YEAR
· SHOWS DECLINE OF 9.26% DUE TO COVID-19
Chandigarh, August 4 :
The gross GST revenue collection for Punjab stands at Rs.1103.31 crore during the month of July, 2020 against Rs. 1215.99 crore for the corresponding period of last year thereby registering a decline of 9.26%.
Notably, the taxpayers had been provided relief in the furnishing of returns for the months of February, March and April, 2020 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.
According to a spokesperson of Punjab Taxation Commissioner’s Office, the gross GST revenue collection for Punjab for the period April to July, 2020 stands at Rs. 2643.28 crore in comparison to Rs. 4252.03 crore for the similar period of last year thereby denoting a fall of 37.83%.
Pointing out further, the spokesperson said that the protected revenue for the month of July, 2020 is Rs. 2403 crore against which the State has collected and received Rs. 1103.31 crore that corresponds to approximately 46% of the protected revenue. Thus, for the month of July 2020 the amount of compensation due is Rs. 1299.69 crore. The state has received Rs. 1077.35 crore as compensation for the month of March, 2020 during the month of July 2020. Further, the amount of compensation due for the period April to June, 2020 is Rs.5669 crore which is still awaited.
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 July, 2020 the total VAT and CST collection stands at Rs. 482.37 Cr whereas it was Rs. 519.82 Cr for the month of July, 2019 thereby indicating a diminishing of 7.2%.The VAT and CST revenue collection for Punjab for the period April to July, 2020 is Rs. 1492.65 Cr in comparison to Rs. 2002.21 Cr for the similar period last year thereby showing a decline of 25.44%, added the Taxation Commissioner.
It may be recalled that the national gross GST revenue collection during the month of July, 2020 is Rs. 87,422 Cr of which CGST is Rs. 16,147 Cr, SGST is Rs. 21,418 Cr, IGST is Rs. 42,592 Cr (including Rs. 20,324 Cr collected on import of goods) and Cess is Rs. 7,265 Cr (including Rs. 807 Cr collected on import of goods) whereas the national gross GST revenue collection during the month of July, 2019 stood at Rs. 1,02,083 Cr of which CGST was Rs. 17,912 Cr, SGST was Rs. 25,008 Cr, IGST was Rs. 50,612 Cr (including Rs. 24,246 Cr collected on import of goods) and Cess was Rs. 8,551 Cr (including Rs. 797 Cr collected on import of goods).
The national gross GST revenue collection during the month of July, 2020 is 86% 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 84% and 86% respectively of the figures for the same month last year. National gross GST revenue collection for the period April to July, 2020 is Rs. 2,72,662 Cr in comparison to Rs. 416175 Cr for the similar period last year thereby denoting a decline of 35%.
