In addition to the regular IGST settlement, Punjab has received an ad-hoc settlement to the tune of Rs 448.35 crore in the month of August 2021 for the first quarter of the financial year 2021-22. As a result, the GST revenue up to the month of August 2021 has witnessed a high Growth of nearly 80 percent as compared to the corresponding period last year.
The tax collection from VAT and CST during the month of August 2021 is Rs 648.44 crore and Rs 26.97 crore respectively. As compared to the same period last year, VAT and CST revenue collection have displayed an impressive growth of 24 and 40 percent this year thereby pointing to the upward curve of the economic recovery.
The Punjab State Development Tax collection during August 2021 remained at Rs 11.38 crore with a growth of 9.63 percent over the corresponding period last year.