Friday, September 17, 2021
Farmers Debt Relief

77 shaheed soliders

516 sewa kendras

9300 cr Investment

helpline portal

jallianwala bagh

mrsptu

Markfed Sept to Nov

Innocent Admission

GST Revenue in Punjab collected on receipt basis stands at Rs.1533-cr during July

- Advertisement -

Chandigarh, August 3, 2021 (Yes Punjab News)
The GST revenue collected on receipt basis, i.e cash collected under State Goods and Services Tax Head, Central Goods and Services Tax Head, Integrated Goods and Services Tax Head and Cess Head, during the month of July, 2021 stands at Rs. 1533 crores which remained Rs. 1188 crores during the month of July, 2020. There is growth of 29% in GST revenue collected on receipt basis.

Disclosing this here today, a spokesperson of the Taxation Department said that the Goods and Services Tax, being consumption based tax, Punjab’s revenue, which comes to the State’s kitty, is the State Goods and Services Tax collected in cash on intra state supplies made and the credit of Integrated Goods and Services Tax, used to make payment of State Goods and Services Tax, transferred by the Centre every month.

Divulging more, the spokesperson said that the GST revenue i.e. State Goods and Services Tax collected in cash and the credit of Integrated Goods and Services Tax, used to make payment of State Goods and Services Tax, transferred by the Centre, collected during the month of July, 2021 is Rs. 1455.85 crores which remained Rs. 1103.31 crores during the month of July, 2020. The GST revenue during the month of July, 2021 is 31.95% higher than the GST revenue during the month of July, 2020, which indicates that the pace of economic recovery has improved.

The GST revenue upto the month of July, 2021 is 85.28% higher than the corresponding period in the previous year. Punjab is rigorously monitoring bogus billing and unscrupulous trade practices through effective enforcement. Use of advanced data analytics from multiple sources and sector wise study of modus operandi of tax evasion in particular sectors is practised by Taxation Department, Punjab.

Holistic and effective tax administration has contributed to the robust increase in tax revenue, said the spokesperson adding VAT and CST revenue during the month of July, 2021 is Rs. 692.44 crores and Rs. 28.76 crores respectively. VAT and CST revenue collection during the month of June, 2021 is 48.85% and 62.49% higher, respectively, than the collection made in the month of July, 2020 and the VAT and CST revenue upto the month of July, 2021 is 88.36% and 125.51% higher, respectively, than the corresponding period in the previous year.

Automobile retail is showing signs of recovery. Real Estate and construction activities are increasing, pumping the growth in cement and iron and steel sector. Service sector especially hospitality, tourism and food sector, which was worst hit by COVID-19 pandemic, has also shown some recovery.

Subscribe to YesPunjab Telegram Channel & receive important news updates

- Advertisement -

Yes Punjab - TOP STORIES

Punjab News

Sikh News

Transfers, Postings, Promotions

- Advertisement -spot_img

Stay Connected

20,369FansLike
112,265FollowersFollow

ENTERTAINMENT

National

GLOBAL

OPINION

Rahul Gandhi Congress Neon

RaGa’s Kashmiri Pandit solidarity may be an assertion for electoral gain – By Deepika Bhan

Thirty-one years after the exodus of Kashmiri Pandits from Kashmir, the Nehru-Gandhi family has for the first time unambiguously spoken up for the community....
Faiz Hameed ISI

Kingmaker of Afghanistan, Pak spy chief Faiz Hameed could be next army chief – by Mrityunjoy Kumar Jha

His Masters Voice (HMV) -- that is how the Chief of Pakistan's spy agency, Inter-Services Intelligence (ISI) is known in his country. Hameed is...
Lebanon

Existential crisis in Lebanon – by Asad Mirza

While the world it seems has been too occupied with the developments in Afghanistan, another tragedy in the making is currently on in Lebanon...

SPORTS

Health & Fitness

Lymphoma

Early diagnosis key to cure lymphoma: Doctors

New Delhi, Sep 15, 2021- Proper and timely diagnosis of lymphoma is key and may also cure the disease for life, said doctors on Wednesday. September 15 is observed every year as World Lymphoma Awareness Day. The Mayo Clinic defines lymphoma as a cancer of the lymphatic system -- part of the body's germ-fighting network. The lymphatic system includes the lymph...

Gadgets & Tech

error: Content is protected !!