Goods and Services Tax (GST) collection in November 2021 increased by 32% to Rs 1,845 crore in the Punjab, the second highest since the central tax system came into effect.
This collection is the second after that of April 2021, but the recorded growth rate is also the third highest in the country in the main states after Odisha and Kerala, an official spokesperson for the tax commission said.
He said GST revenue for the Punjab in November 2021 stood at Rs 1,377.77 Crore against Rs 1,067 Crore for the corresponding period of the previous year (November 2020), registering a strong growth of 29%. This is very much in line with the trend of economic recovery.
The spokesperson said that GST revenues through November 2021 saw a strong growth of almost 54% compared to the corresponding period last year.
The strong growth in GST revenue can be attributed to improved compliance through policy and administrative measures taken by the state government as well as strict enforcement measures adopted in coordination with central government agencies. application of taxes.
Deploying effective data analytics based on machine learning and intelligent on-road holding has played an important role in uncovering significant cases of false invoice tax evasion and improved compliance.
The collection of Value Added Tax (VAT) and Central Sales Tax (CST) during the month of November 2021 is Rs 949.44 crore and Rs 20.19 crore respectively. Compared to the same period from last year, the collection of VAT and CST revenues showed respective growth of 28.73% and 11.49% this year.
The robust growth in VAT revenues is mainly attributable to an increase in the average tax rate in October 2021 compared to October 2020.
The spokesperson said that thanks to the tax department‘s constant efforts to register new eligible taxpayers, the business tax also showed an 18% growth in November 2021 with a collection of 12.34 crore out of 10.45 rupees. Rupee crore in November 2020.