Chandigarh: Punjab recorded Rs 1,188 Crore as a collection of revenue for goods and services (GST) in August, growth of more than 20% in the same period last year.
This can be seen as an indicator of economic recovery after the second wave of Covid-19.
In accordance with the Punjab Tax Tax, Sectoral Analysis of GST Revenues State shows a healthy recovery in sectors such as iron and steel, electronic goods, fertilizers, telecommunications and banking.
Officials claimed that in addition to the basic effects of abnormal the previous year, last month’s growth was associated with strong anti-prohibited activity from the department involving strict monitoring of false bills and immoral trade practices and the distribution of advanced data analysis for holistic and effective tax administration .
Officials expect strong GST growth to witness so far to continue in the coming months.
In addition to regular IGST settlements, Punjab has received AD Hoc settlement from Rs 448 Crore in August for the first quarter of the financial year 2021-22.
As a result, GST revenues until August have witnessed high growth of almost 80% compared to the same period last year.
Tax collection of Value Added Tax (VAT) and Central Sales Tax (CST) during August each RS 648 Crore and almost Rs 27 Crore.
Compared to the same period last year, VAT and CST REVENUE COLLECTION have shown impressive growth of 24% and 40%, this year thus shows the upward curve of economic recovery.