Punjab seeks Central aid, pegs revenue loss at 51% - ECAS Punjab

Punjab seeks Central aid, pegs revenue loss at 51%

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Tribune News Service
Chandigarh, August 25

Citing huge revenue loss suffered by the state on account of the lockdown, the Cabinet on Tuesday sought adequate compensation from the Union Government to support the state in these difficult times.

During a review of the fiscal situation, the Cabinet, under the chairmanship of Chief Minister Capt Amarinder Singh, noted that the situation was grave, considering the decline in revenue collection over the first quarter of FY 2020-21 and the estimated loss for the full current financial year.

Cabinet Nod to fill vacancies

  • The Cabinet gave its nod to fill 428 regular vacancies of medical officers (specialists) on priority.
  • It also approved the proposal for introduction of the Punjab Goods and Services Tax (Amendment) Bill, 2020, paving the way for simplification of provisions and processes to levy and collect taxes.

A presentation made to the Cabinet by the Finance Department showed that the state's own tax revenue collections for April-June period had gone down by a whopping 51 per cent with GST losses alone to the tune of 61 per cent as against the budgetary estimates for this period. The GST and VAT collections for this quarter went down by 54 per cent. The decline in total revenue receipts for April-June quarter was 21 per cent.

The Council of Ministers further noted with concern that in terms of non-tax revenue collection of the state, the shortfall against budgetary estimates for quarter of 2020-21 was a massive 68 per cent. The figures are as per the initial estimates derived from IFMS (accounts are yet to be received from Accountant General, Punjab).

from The Tribune https://ift.tt/2YQCkDJ

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