The state of Punjab collected Rs.1,188.70 crore in goods and services tax (GST) in August 2021, a 20.41 percent increase over the revenue of Rs.987.20 crore in the same month the previous year.
According to a taxation commissionerate official, the growth is a reasonable reflection of the strong economic rebound following the second wave of Covid-19.
He noted that a sectoral examination of GST receipts indicates a robust rebound in industries including iron and steel, electronic goods, fertilisers, telecom, and banking.
According to the spokesperson, in addition to the usual IGST settlement, the state received an ad-hoc settlement of 448.35 crore in August for the first quarter of fiscal year 2021-22.
As a result, GST revenue increased by 80% in the first half of this year compared to the same period last year.
The VAT and CST collections in August were 648.44 crore and 26.97 crore, respectively. The state’s development tax revenue remained unchanged at 11.38 crore.
