Chandigarh, July 1: Despite the second wave of COVID-19 pandemic and strict lockdown restrictions, the business community of Punjab has shown remarkable resilience by not only complying with the return filing requirements but also paying their GST dues in a timely manner during the month of June 2021. Resultantly, the GST revenue collected during the month stood at Rs. 1087 crore which was Rs. 869.66 crores during the month of June 2020.
Disclosing this, a spokesperson of the Taxation Department said that the GST revenue during the month of June 2021 remained 25.06 % higher than the revenue receipts corresponding to the month of June 2020. Likewise, the GST revenue up to the month of June 2021 (Quarter -1 of 2021-22) is 123.48% higher than the corresponding period in the previous year. Implementation of measures like QRMP to ease the compliance burden of taxpayers, closer monitoring against bogus billing, rigorous enforcement, advanced data analytics using data from multiple sources, and effective tax administration have also contributed to the steady increase in tax revenue, said the spokesperson.
Meanwhile, the VAT and CST revenue during June 2021 stood at Rs. 699.27 crore and Rs. 20.96 crore respectively thus registering an increase of 42.37% and 104.90% respectively, than the collection made in the month of June 2020. The VAT and CST revenue up to the month of June 2021 (Q-1 of 2021-22) is 106.73% and 178.56% higher than the corresponding period of the previous year respectively.
It may be recalled that the Punjab State Development Tax (PSDT) is also administered by the Department of Taxation, Punjab. Though there is a marginal decrease of 0.7% in the collection of Punjab State Development Tax during the month of June 2021 as compared to the collection made in the month of June 2020, there is a 14% increase in the collection of Punjab State Development Tax up to the month of June 2021 (Q-1 of 2021-22) as compared to the corresponding period of the previous year.
Notably, the GST Compensation pending with the Government of India (GoI) in respect of Punjab up to 30th June 2021 has risen to Rs. 8495 crore.