GST REVENUES UP BY 4.38 PERCENT DURING 3rd QUARTER
A.S. Arshi , Chandigarh, January 3:2021
The total GST collection for the month of December, 2020 is Rs. 1067.21 crore whereas it was Rs. 1009.03 crore for the month of December, 2019 thereby indicating increase of 5.77 percent.
According to a spokesperson of Punjab Taxation Commissioner’s Office, the gross GST revenue collection for Punjab for the period April to December, 2020 stands at Rs. 7881.5 crore in comparison to Rs. 9851.82 crore for the similar period of last year thereby denoting a fall of 20 percent.
Pointing out further, the spokesperson said that the protected revenue for the month of December, 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 December 2020 the amount of compensation due is Rs. 1336 crore. Further, the cumulative amount of compensation due for the period April to November, 2020 is Rs. 8856 crore.
The Spokesperson further said that the National Gross GST revenue collection during the month of December, 2020 is Rs. 1,15,174 crore whereas the national gross GST revenue collection during the month of December, 2019 stood at Rs. 1,03,184 crore denoting an increase of 12 percent.
National gross GST revenue collection for the 3rd quarter i.e. October to December, 2020 is Rs. 3,25,292 crore in comparison to Rs. 3,02,055 crore for the similar period last year thereby denoting a increase of 7.7 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. For the month of December, 2020 the total VAT and CST collection is Rs. 671.12 crore whereas it was Rs. 517.08 crore for the month of December, 2019 thereby indicating increase of 29.79 percent
The VAT and CST revenue collection for Punjab for the period April to December, 2020 is Rs. 4474.02 crore in comparison to Rs. 4137.59 crore for the similar period last year thereby denoting increase of 8.13 percent.
The GST, VAT and CST put together, the tax collection during December 2020 (Rs 1738.33 crore) over December 2019 (Rs. 1526.11 crore) is up by Rs. 212.22 crore (+13.90 percent).
The GST, VAT and CST collective revenue collection for the 3rd quarter i.e. October-December 2020 is Rs 5168.48 crore in comparison to Rs. 4474.15 crore for the similar period last year thereby denoting increase of 15.51 percent.
The Spokesperson further said that the average growth in GST revenues during the last quarter has been 4.38 percent as compared to -11.06% during the second quarter and -52.65% during the first quarter of financial year.
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Comparison of GST Revenue collections of Punjab:-
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
December Rs. 1009.03 crore Rs. 1067.21 crore
Comparison of GST revenue collections of Punjab (Quarter Wise):-
QUARTER 2019 2020 %INCREASE/DECREASE
APRIL -JUNE(Q1) 3252.62 1539.97 -52.65
JULY -SEPTEMBER(Q2) 3537.14 3145.75 -11.06
OCTOBER –DECEMBER(Q3) 3061.48 3195.78 4.38
