Signs of recovery, GST collection in Punjab up 29%

 








Punjab has recorded a considerable increase in tax collection as compared to the last fiscal.

Following a dip in Covid-19 cases, automobile retail, real estate and construction activities have resumed. This has helped pump growth into cement and iron and steel sectors, thus adding to the state revenue.

The Goods and Services Tax (GST) revenue collected on receipt basis (cash collected under State Goods and Services Tax head, Central Goods and Services Tax (CST) head, Integrated Goods and Services Tax head and cess head) in July stands at Rs 1,533 crore as compared to Rs 1,188 crore last year.

There is growth of 29 per cent in GST revenue collected on receipt basis,” confirmed A Venu Prasad, Principal Secretary, Excise and Taxation.

The GST revenue (state GST collected in cash) and the credit of Integrated GST, used to make payment of state GST, collected in July this year is Rs 1,455.85 crore, which was Rs 1,103.31 crore last year. “The GST revenue in July this year is 31.95 per cent higher than the last year, indicating that the pace of economic recovery has improved,” Prasad said.

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