GST, excise, VAT revenue crosses ₹30K cr says Punjab finance minister.
Punjab finance minister Harpal Singh Cheema on Tuesday claimed that the tax revenue from goods and services tax (GST), excise and value added tax (VAT) in the 10 months of fiscal year (FY) 2023-24 had crossed the figure of 30,000 crore with a 15.67 per cent growth in GST and 10 per cent growth in revenue from excise as compared to FY 2022-23.
Cheema said that the total revenue from VAT, CST, GST, PSDT, and excise by the end of Jan registered 13.39 per cent growth with a total collection of Rs 31,003.14 crore as compared to Rs 27,342.84 crore collected during 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 added.
Cheema said 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,” said Cheema.
The minister said it was made possible with transparent administration, without levying any new burden on the people. He said that the govt established the tax intelligence unit besides bringing the ‘Bill Leyao Inaam Payo Scheme’, One Time Settlement Scheme, 2023, the Punjab GST Amendment Act, 2023, a reward scheme for informers, and many more measures.