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Economic recovery after Covid-19 second wave, Punjab registers 24.76 % growth in GST collection

An official spokesperson said Punjab’s GST revenue receipts in September 2021 stood at Rs 1316.51 Crore against Rs 1055.24 Crore for the same period the previous year (September 2020).

SNS | Chandigarh |

Indicating rapid economic recovery after the second wave of Covid-19, Punjab has registered 24.76 per cent growth in the Goods and Services Tax (GST) revenue receipts in September 2021.

An official spokesperson said Punjab’s GST revenue receipts in September 2021 stood at Rs 1316.51 Crore against Rs 1055.24 Crore for the same period the previous year (September 2020).

An official spokesperson of the Taxation Commissionerate said that the sectoral analysis of the GST receipts of the state suggest healthy growth in sectors such as iron and steel, automobiles, insurance,
telecom, transport, banking and non-Vat petroleum products.

The spokesperson said GST revenue up to the month of September 2021 has witnessed a high growth of nearly 67.55 per cent as compared to the corresponding period last year. Even, when compared to the pre-pandemic fiscal year 2019-20, the growth during the first half of the current
the fiscal year is 54 per cent higher.

Besides the base effect of the abnormal previous year, the said growth is attributed to strong anti-evasion activities of the department, better compliance by the taxpayers, effective data analysis based on machine learning and intelligent on-road detention with a special focus on taxpayers engaged in fake billing, the spokesperson added.

The positive trend witnessed in the revenue so far is likely to continue in the coming months as well, said the spokesperson while adding that the fiscal year 2021-22 reflected a tremendous growth as
compared to the same period last year, Value Added Tax (VAT) and Central Sales Tax (CST) revenue collection have displayed growth of 41.09 per cent and 18.68 per cent this year.

The total revenue collection comprising GST, VAT and CST registered a growth of 29.47 per cent with a collection of Rs 1965.99 Crore this September as against Rs 1518.52 Crore during the corresponding month of 2020-21.