29% year-on-year growth in July GST revenue for Punjab

Punjab reported 29% year-on-year growth in the goods and services tax (GST) revenue in July

Punjab reported 29% year-on-year growth in the goods and services tax (GST) revenue in July.

Goods and Services Tax (PTI)

The revenue, including state GST, central GST and integrated GST, increased to ₹1,533 crore in July 2021 from ₹1,188 crore in the corresponding month of the previous year, according to a spokesperson of the taxation department. The SGST and IGST stood at ₹1455.85 crore in July 2021, showing 32% year-on-year growth over ₹1103.31 crore collected during the same month last year, indicating an improvement in the pace of economic recovery.

The GST revenue up to the month of July 2021 is 85.28% higher than the corresponding period in the previous year. “The state is rigorously monitoring bogus billing and unscrupulous trade practices through effective enforcement. Besides use of advanced data analytics from multiple sources and sector-wise study of modus operandi of tax evasion, holistic and effective tax administration has contributed to the robust increase in tax revenue,” said the spokesperson.

During July this year, VAT and CST revenue stood ₹692.44 crore and ₹28.76 crore, respectively, showing 48.85% and 62.49% year-on-year growth. The spokesperson said automobile retail was showing signs of recovery, and real estate and construction activities were increasing, pumping the growth in cement and iron-steel sectors. “Service sector especially hospitality, tourism and food sector, which was worst hit by the Covid-19 pandemic, has also shown some recovery,” according to an official release.