Punjab has the second highest GST collection rate after the introduction of the new tax structure

The Punjab government announced on Wednesday that GST cash collections in November 2021 increased by 32% to 1,845 crore, the second highest since the central tax regime was implemented.

According to an official spokeswoman, the collection is only second to that of April 2021, but the growth rate is the third highest in the country, after Odisha and Kerala.

According to the spokesman, GST income receipts for Punjab in November were 1,377.77 crore, up from 1,067 crore in the same month the previous year, indicating a remarkable growth of 29 percent. This is consistent with the current economic recovery trend.

He said that GST revenue has increased by roughly 54 percent in the first eleven months of this year compared to the same period last year.

The government claims that the strong growth in GST revenue is due to improved compliance as a result of state government policy and administrative actions, as well as strict enforcement measures implemented in conjunction with federal tax enforcement agencies.

The use of smart data analysis based on machine learning, as well as intelligent on-road detention, has aided in the detection of significant tax evasion instances using fraudulent invoices and increased compliance.

In November 2021, the VAT and CST collections totaled 949.44 crore and 20.19 crore, respectively.

VAT and CST revenue collections have increased by 28.73 percent and 11.49 percent this year, respectively, as compared to the same period last year. The significant rise in VAT collection in October 2021 over October 2020 is mostly due to an increase in the average tax rate.