Punjab finance minister Harpal Singh Cheema availed that the tax revenue from goods and services tax (GST), excise, and value-added tax (VAT) in the 10 months of the fiscal year (FY) 2023-24 had crossed the figure of 30,000 crores with a 15.67% rise in GST and 10% growth in revenue from excise as compared to FY 2022-23.
Cheema stated that the total revenue from VAT, CST, GST, PSDT, and excise through the finish of Jan registered a 13.39% rise with a total collection of Rs 31,003.14 cr as compared to Rs 27,342.84 crore collected at the time of the FY 2022-23.
“The Punjab govt has been taking steps to improve the fiscal health of the state. The state has made record tax collections with better planning and effective implementation since the formation of the AAP govt in March 2022. In the 10 months of the current fiscal year, net revenue from GST is Rs 17,354.26 crore and net revenue from excise is Rs 7370.49 crore,” he stated.
Cheema expressed that the net revenue increase from GST is Rs 2,351.12 crore and from Excise is Rs. 669.47 crore. “Meanwhile, the state also registers 10.89 per cent growth in VAT, 28.14 per cent in CST, and 5.53 percent in PSDT,” expressed Cheema.
The minister stated that the same was made feasible with fine administration, excluding imposing any new hurdle on the people. He stated that the govt made the tax intelligence unit apart from bringing the ‘Bill Leyao Inaam Payo Scheme‘, One Time Settlement Scheme, 2023, the Punjab GST Amendment Act, 2023, a reward scheme for informers, and numerous other measures.
