The gross GST revenue collection for Punjab stands at Rs.1055.24 crore during September 2020 against Rs. 974.96 crore for the corresponding period of last year thereby registering a rise of 8.23 percent.
According to a spokesperson of Punjab Taxation Commissioner’s Office, the gross GST revenue collection for Punjab for the period April to September 2020 stands at Rs. 4685.72 crore in comparison to Rs. 6790.34 crore for a similar period of last year thereby denoting a fall of 31.00 percent.
Pointing out further, the spokesperson said that the projected revenue for September 2020 is Rs. 2403 crore against which the State has collected and received Rs. 1055.24 crore that corresponds to approximately 43.91 percent of the projected revenue.
Thus, for September 2020 the amount of compensation due is Rs. 1347.76 crores. Further, the cumulative amount of compensation due for the period April to August 2020 is Rs. 10338 crores. Out of which Rs. 838 crores is received in the 1st week of October 2020 and the rest of Rs. 9500 crores are still awaited.
The Spokesperson further said that the National Gross GST revenue collection during September 2020 is Rs. 95,480 crore of which CGST is Rs. 17,741 crore, SGST is Rs. 23,131 crore, IGST is Rs. 47,484 crore (including Rs. 22,442 crore collected on import of goods) and Cess is Rs. 7,124 crore (including Rs. 788 crore collected on import of goods).
Whereas the national gross GST revenue collection during September 2019 stood at Rs. 91,916 crore of which CGST was Rs.16,630 crore, SGST was Rs.22,598 crore, IGST was Rs. 45,069 crore (including Rs. 22,097 crore collected on imports) and Cess was Rs. 7,620 crore (including Rs. 728 crore collected on imports).
The National Gross GST revenue collection during September 2020 is 4% higher than what was 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 102 percent and 105 percent respectively of the figures for the same month last year.
In addition to GST, Punjab also collects tax revenue from the 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 September 2020 the total VAT and CST collection is Rs. 462.98 crores whereas it was Rs. 332.32 crores for September 2019 thereby indicating an increase of 39.32%.
The VAT and CST revenue collection for Punjab for the period April to September 2020 is Rs. 2499.77 crore in comparison to Rs. 2729.47 crore for a similar period last year thereby de- noting a decrease of 8.42%. The GST, VAT and CST put together, the tax collection during September 2020 (Rs. 1518.22 crores) over September 2019 (Rs.1307.28 crores) is up by Rs. 210.94 crores (+16.14%).