Chandigarh, December 8, 2021 (Yes Punjab News)
The Goods and Services Tax (GST) cash collection in November, 2021 grew by 32 per cent to Rs 1845-crore in Punjab- the second highest since the Central tax regime came into force. This collection is second only to that in April, 2021 but also the growth rate experienced is third highest in the country across the major States after Odisha and Kerala.
An official spokesperson of the Taxation Commissionerate said that the GST revenue receipts for the State of Punjab in November, 2021 stood at Rs 1377.77-crore against Rs 1067-crore for the corresponding period of previous year i.e. November, 2020 registering a strong growth of 29 per cent. This is very much in line with the trend in economic recovery.
He said that the GST revenue up to the month of November, 2021 has witnessed a high growth of nearly 54% as compared to corresponding period last year. The high growth in GST revenue can be attributed to compliance improvement on account of both policy and administrative measures undertaken by the State Government as well as the strict enforcement measures adopted in coordination with the Central tax enforcement agencies.
The deployment of effective data analysis based on machine learning and intelligent on-road detention has played an important role in detections of large tax evasion cases relating to fake invoices and enhanced compliance.
The tax collection from VAT and CST during the month of November, 2021 is Rs 949.44-crore and Rs 20.19-crore respectively. As compared to the same period last year, VAT and CST revenue collection have displayed respective growth of 28.73% and 11.49% this year. The robust growth in VAT revenue is predominantly attributable to increase in average tax rate in October, 2021 over October, 2020.
As a result of consistent efforts from the Taxation department to register new eligible taxpayers under PSDT Act, the professional tax has also shown growth of 18% during November, 2021 with collection of Rs 12.34 crores over Rs 10.45 crores during November, 2020.