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VAT AND CST COLLECTION DURING NOVEMBER 2020 REGISTERS WHOPPING INCREASE OF 70.65 PERCENT IN COMPARISON TO NOVEMBER 2019

  •               NOVEMBER 2020 COLLECTION IS RS. 765.25 CRORE WHEREAS IT WAS RS. 448.42 CRORE DURING NOVEMBER, 2019

 

Chandigarh (Raftaar News Bureau) : For the month of November, 2020 the total VAT and CST collection is Rs. 765.25 crore whereas it was Rs. 448.42 crore for the month of November, 2019 thereby indicating a huge increase of 70.65 percent.

According to a spokesperson of Punjab Taxation Commissioner’s Office, the gross GST revenue collection for Punjab for the period April to November, 2020 stands at Rs. 6814.29 crore in comparison to Rs. 8842.79 crore for the similar period of last year thereby denoting a fall of 22.94 percent.

Pointing out further, the spokesperson said that the protected revenue for the month of November, 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 November 2020 the amount of compensation due is Rs. 1336 crore. Further, the cumulative amount of compensation due for the period April to October, 2020 is Rs. 12186 crore.

The Spokesperson further said that the National Gross GST revenue collection during the month of November, 2020 is Rs. 1,04,963 crore whereas the national gross GST revenue collection during the month of November, 2019 stood at Rs. 1,03,491 crore denoting an increase of 1.4 percent. National gross GST revenue collection for the period April to November, 2020 is Rs. 6,64,709 crore in comparison to Rs. 8,05,164 crore for the similar period last year thereby denoting a decline of 17.44 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.

The VAT and CST revenue collection for Punjab for the period April to November, 2020 is Rs. 3802.9 crore in comparison to Rs. 3625.06 crore for the similar period last year thereby denoting a increase of 4.90 percent.

The GST, VAT and CST put together, the tax collection during November 2020 (Rs 1833.06 crore) over November 2019 (Rs. 1571.35 crore) is up by Rs. 261.71 crore (+16.65 percent).

The gross GST revenue collection for Punjab stands at Rs.1067.81 crore during the month of November, 2020 against Rs. 1122.93 crore for the corresponding period of last year thereby signifying decrease of 4.91 percent.

However, the gross GST revenue collection for November 2020 (Rs. 1067.81 crore) is marginally higher than the gross GST revenue collection during the previous month i.e. October 2020 (Rs. 1060.76 crore).

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