Punjab registers 24.76 growths in GST revenue receipts
Chandigarh, October 11(HS): Registering a growth of 24.76 percent, the Goods and Services Tax (GST) revenue receipts for the State of Punjab during the month of September, 2021 stood at Rs. 1316.51 crores against Rs. 1055.24 crores for the same period previous year (September, 2020). The high growth rate is a fair indicator of the rapid economic recovery after the second wave of COVID-19.
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 GST revenue up to the month of September, 2021 has witnessed a high growth of nearly 67.55% as compared to corresponding period last year. Even, when compared to pre-pandemic FY 2019-20, the growth during the first half of the current year is 54% 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 special focus on taxpayers engaged in fake billing, he 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, for VAT and CST revenue collection have displayed a growth of 41.09% and 18.68% 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 Rs1518.52 crore during the corresponding month of 2020-21.