Punjab: Eight-month GST mop-up this fiscal up 24%; Nov sees 10% dip

Tribune News Service

Ruchika M Khanna

Chandigarh, December 2

Punjab’s Goods and Services Tax (GST) collection for November has fallen by 10 per cent as compared to November 2021, putting the state among the lowest GST collectors in the country.

The figures released by the Centre showed that the GST collection in November 2022 was Rs 1,669 crore in comparison to Rs 1,845 crore in November 2021. These figures have put Punjab among nine states and UTs registering a negative growth.

However, the overall GST collection in Punjab from April to November has registered an increase of 24.5 per cent. The total GST collection so far during this fiscal stands at Rs 11,967.76 crore as compared to Rs 9,612.60 crore in the corresponding period of 2021-22.

As a result, the overall revenue receipts so far this year are up by Rs 8,872.51 crore, an increase of 23.45 per cent, over the receipts for eight months of the ongoing fiscal.

Officials of the Taxation Department said negative growth witnessed in November was on account of the festive season ending in October. “Also, some adjustments in the IGST also need to be examined to assess why the November GST collection is low,” said an official of the Finance Department, adding that the state government was on target to achieve its GST revenue for this fiscal, with 51.3 per cent of the target revenue already having been achieved.

Though the state has achieved a lesser percentage of the target revenue from excise this year as compared to 2021, mainly on account of a much higher target of over Rs 9,000 crore for this fiscal, the actual excise collections have shown an increase of 33.44 per cent from Rs 3,984.06 crore in April-November 2021-22 to

Rs 5,316.45 crore in the corresponding period this year.

The only major tax revenue head where the state has performed worse than the last year is the VAT collection, which is down 22.77 per cent between April and November as compared to 2021.

“This is due to a change in the rate of tax imposed on retail fuels. Earlier, the rate of tax on petrol was 24.79 per cent + 10 per cent surcharge i.e. 27.27 per cent VAT +Rs 2.05 per litre ID Cess + Rs 0.10 per litre Punjab Urban Transport Cess, which has come down to 13.77 per cent, in addition to ID Cess and Urban Transport Cess. Even the tax slab for diesel has been lowered,” said an official.

About The Author

Tribune News Service

The Tribune News Service brings you the latest news, analysis and insights from the region, India and around the world. Follow the Tribune News Service for a wide-ranging coverage of events as they unfold, with perspective and clarity.

Join Whatsapp Channel of The Tribune for latest updates.

#Goods and Services Tax GST