Punjab recorded a goods and services tax (GST) collection of ₹1,188.70 crore in August 2021, a rise of 20.41% over the revenue of ₹987.20 crore during the corresponding month of previous year.
The growth is a fair indicator of the rapid economic recovery after the second wave of Covid-19, said a spokesperson of the taxation commissionerate. The sectoral analysis of the GST receipts suggests healthy recovery in sectors such as iron and steel, electronic goods, fertilisers, telecom and banking, he added.
In addition to the regular IGST settlement, the state also received ad-hoc settlement to the tune of ₹448.35 crore in August for the first quarter of financial year 2021-22, said the spokesperson. As a result, the GST revenue up to August witnessed a high growth of 80% as compared to corresponding period last year. In August, the tax collection from VAT and CST was ₹648.44 crore and ₹26.97 crore, respectively. The state development tax collection remained at ₹11.38 crore.