Covid effect: GST collections drop 31% during April-Aug
Tribune News Service
Chandigarh, September 3
The gross Goods and Services Tax (GST) revenue collections for Punjab stood at Rs 987.20 crore during the month of August 2020 against Rs 1,014.03 crore for the corresponding period of the last year, thus registering a decline of 2.64 per cent.
Notably, taxpayers had been provided relief in filing of returns for the previous months due to the Covid-19 outbreak. Further, taxpayers with a turnover less than Rs 5 crore in the previous year continue to enjoy relaxation in the filing of returns till September 2020.
Rs 3,630 cr COLLECTED
According to a government spokesperson, the gross GST revenue collections for the period of April to August stood at Rs3,630.48 crore in comparison to Rs5,266.06 crore for the same period last year, thereby denoting a fall of 31.05 per cent.
According to a spokesperson of the Punjab Taxation Commissioner’s Office, the gross GST revenue collections for the period of April to August stood at Rs 3,630.48 crore in comparison to Rs 5,266.06 crore for the similar period last year, thereby denoting a fall of 31.05 per cent. The spokesperson said the projected revenue for the month of August was Rs 2,403 crore against which the state had collected Rs 987.20 crore that corresponds to approximately 41.08 per cent of the projected revenue. Thus, an amount of Rs 1,415.8 crore is awaited for the month of August. Further, Rs 6,965 compensation is due for April to July.
In addition to the GST, Value Added Tax (VAT) and Central Sales Tax (CST) collections stood at Rs 539.44 crore in August whereas these were 394.14 crore for the month of August in 2019, thus indicating an increase of 26.78 per cent.The VAT and CST revenue collections for the period of April to August are Rs 2,032.75 crore in comparison to Rs 2,397.15 crore for the same period last year. As a result, they showed a decline of 15.20 per cent, the Taxation Commissioner added. If GST, VAT and CST are put together, tax collections during August this year stood at Rs 1,526.54 crore against Rs 1,408.17 crore in August 2019.
