Punjab’s Finance Minister, Harpal Cheema, announced on Saturday that the state has witnessed a 16.61 percent growth in gross Goods and Service Tax (GST) collection until November.
Furthermore, the Excise revenue has demonstrated a remarkable growth of 11.45 percent in the initial eight months of the fiscal year 2023-24, surpassing the figures recorded during the corresponding period in the last financial year.
Cheema stated that the aggregate GST revenue has risen by Rs 1987.62 crore in the current fiscal year, reaching a net revenue collection of Rs 13,955.38 crore, as opposed to Rs 11,967.76 crore collected by November 2022-23.
Regarding the growth in excise revenue, Cheema revealed that the total revenue from excise in the present fiscal year is Rs 5,947.47 crore, an increase of Rs 610.86 crore from the initial eight months of 2022-23, which recorded a revenue of Rs 5,336.61 crore.
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The minister highlighted that the total collection of VAT, CST, GST, PSDT, and Excise until November has witnessed a 13.89 percent rise compared to the net collection of Rs 21,921.46 crore from these sources during the same period in 2022-23.
Cheema emphasized that the government has enhanced its own tax collection by cracking down on tax fraudsters and simplifying the tax regime to support honest taxpayers.
He further mentioned that the state’s tax receipts for the first eight months reached Rs 25,000 crore for the first time when Goods and Service Tax was brought into the system, with a net revenue generation of Rs 24,965.59 crore from VAT, CST, GST, PSDT, and excise.
