Monday, June 14, 2021

VAT, CST collection in Punjab in Nov 2020 sees whopping increase of 70.65 pc in comparison to Nov 2019

For the month of November, 2020 the total VAT and CST collection is Rs. 765.25 crore whereas it was Rs. 448.42 crore for the month of November, 2019 thereby indicating a huge increase of 70.65 percent.

According to a spokesperson of Punjab Taxation Commissioner’s Office, the gross GST revenue collection for Punjab for the period April to November, 2020 stands at Rs. 6814.29 crore in comparison to Rs. 8842.79 crore for the similar period of last year thereby denoting a fall of 22.94 percent.

Pointing out further, the spokesperson said that the protected revenue for the month of November, 2020 is Rs. 2403 crore against which the State has collected and received Rs. 1067 crore that corresponds to approximately 44.4 percent of the protected revenue. Thus, for the month of November 2020 the amount of compensation due is Rs. 1336 crore. Further, the cumulative amount of compensation due for the period April to October, 2020 is Rs. 12186 crore.

MUST READ  ‘Absolutely wrong’, says Punjab CM on issuance of lookout notices against farmer leaders

The Spokesperson further said that the National Gross GST revenue collection during the month of November, 2020 is Rs. 1,04,963 crore whereas the national gross GST revenue collection during the month of November, 2019 stood at Rs. 1,03,491 crore denoting an increase of 1.4 percent. National gross GST revenue collection for the period April to November, 2020 is Rs. 6,64,709 crore in comparison to Rs. 8,05,164 crore for the similar period last year thereby denoting a decline of 17.44 percent.

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.

The VAT and CST revenue collection for Punjab for the period April to November, 2020 is Rs. 3802.9 crore in comparison to Rs. 3625.06 crore for the similar period last year thereby denoting a increase of 4.90 percent.

MUST READ  Punjab earns GST revenue of Rs. 1481.83 cr in April 2021
MUST READ  Excluding farmers from interest waiver scheme proves Modi government to be anti-farmer: Balbir Sidhu

The GST, VAT and CST put together, the tax collection during November 2020 (Rs 1833.06 crore) over November 2019 (Rs. 1571.35 crore) is up by Rs. 261.71 crore (+16.65 percent).

The gross GST revenue collection for Punjab stands at Rs.1067.81 crore during the month of November, 2020 against Rs. 1122.93 crore for the corresponding period of last year thereby signifying decrease of 4.91 percent.

However, the gross GST revenue collection for November 2020 (Rs. 1067.81 crore) is marginally higher than the gross GST revenue collection during the previous month i.e. October 2020 (Rs. 1060.76 crore).

Comparison of GST Revenue collections of Punjab (All figures in Crores)

Month 2019 2020
April Rs.1304.13 crore Rs. 156.28 crore
May Rs.998.13 crore Rs. 514.03 crore
June Rs.950.36 crore Rs. 869.66 crore
July Rs.1548.15 crore Rs.1103.31 crore
August Rs.1014.03 crore Rs. 987.20 crore
September Rs. 974.96 crore Rs. 1055.24 crore
October Rs.929.52 crore Rs.1060.76 crore
November Rs.1122.93 crore Rs.1067.81 crore

Latest news

Haryana further extends Lockdown till June 21, shops to stay open longer than before

The Haryana government on Sunday extended the statewide Covid-induced lockdown by a week, till June 21, allowing a few relaxations amid a dip in...

Nobody muzzled Bengal minister’s voice at GST Council Meet: Anurag Thakur

Minister of State (MoS) in the Finance Ministry Anurag Thakur has categorically dismissed the remarks of West Bengal Finance Minister Amit Mitra, who claimed...

Aussie swimmer breaks world record post father’s death trauma

Aussie Kaylee McKeown says the death of her father 10-months-ago inspired her to break the 100-metre backstroke world record on Sunday at the Australian...

Jalandhar man on a mission to provide books for children in villages

26-yr-old Mandeep Singh from Sultanpur Lodhi, Jalandhar, has a mission in life. Although secure with in a government job, he is working tirelessly to...

Related news

MUST READ  PUDA to conduct e-auction of properties from Feb 5-15

Haryana further extends Lockdown till June 21, shops to stay open longer than before

The Haryana government on Sunday extended the statewide Covid-induced lockdown by a week, till June 21, allowing a few relaxations amid a dip in...

Nobody muzzled Bengal minister’s voice at GST Council Meet: Anurag Thakur

Minister of State (MoS) in the Finance Ministry Anurag Thakur has categorically dismissed the remarks of West Bengal Finance Minister Amit Mitra, who claimed...

Aussie swimmer breaks world record post father’s death trauma

Aussie Kaylee McKeown says the death of her father 10-months-ago inspired her to break the 100-metre backstroke world record on Sunday at the Australian...

Jalandhar man on a mission to provide books for children in villages

26-yr-old Mandeep Singh from Sultanpur Lodhi, Jalandhar, has a mission in life. Although secure with in a government job, he is working tirelessly to...

Shops, malls, restaurants to reopen in Delhi

Shops, malls and restaurants in Delhi will open from Monday as Covid numbers in the national capital drop to a three-month low. Shops will...

WATCH birthday girl Disha Patani auditioning for an ad in a throwback video

Before she made waves in Bollywood, Disha Patani was often seen in small-screen commercials. Now she has been romancing superstars like Tiger Shroff, Salman...

AFL: David Mackay might not be banned after ‘sickening’ bump

Four-time premiership Hawk Jordan Lewis says Adelaide veteran David Mackay shouldn’t be suspended, despite a heavy collision with Hunter Clark that left the young...

Victoria Premier Daniel Andrews to get back to work in two weeks

Victoria Premier Daniel Andrews has revealed he will return to work on Monday, June 28, three months after being hospitalised by a fall. Mr Andrews...