GST collection in Punjab increased by 28 percent in current financial year, says state finance minister

The minister said that the total revenue collected from GST, excise, VAT, CST and PSDT during 2023-24 registered an increase of 17.49 percent.

Published Sep 06, 2023 | 1:02 PMUpdated Sep 06, 2023 | 1:26 PM

Punjab revenue

In what comes as a sign of hope in the financial revival efforts of the Aam Aadmi Party (AAP), Punjab registered a 28.2 percent growth in GST revenue during the first five months of the current fiscal year, compared to last year.

Finance Minister Harpal Singh Cheema while sharing the details said on Tuesday, 5 September, that as against the total revenue of ₹6,648.89 crore collected from as GST during the first five months of the financial year 2022-23, a total of ₹8,524.17 crore had been collected for the corresponding period in the current fiscal year, with additional revenue of ₹1875.28 crore from GST till the month of August.

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Increase in total revenue

The finance minister said that the total revenue collected from GST, excise, value-added tax (VAT), central sales tax (CST) and Punjab state development tax (PSDT) during the FY 2023-24 registered an increase of 17.49 percent, compared to the last fiscal year.

According to the Finance department, a total revenue of ₹13,116.36 crore was collected from the above-mentioned sources during the first five months of the FY 2022-23, whereas, an increase of ₹2,293.67 crore was observed with the collection of ₹15,410.03 crore during the same period in the current fiscal year.

“After recording an increase of more than 41 percent in excise revenue during the FY 2022-23 as compared to FY 2021-22 after the implementation of the new excise policy, the growth graph is still touching the heights,” said Cheema.

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Revenue from excise increased

“During the first 5 months of FY 2023-24, the revenue received from excise has reflected an increase of 7.69 percent compared to the same period of FY 2022-23,” he added.

It may be noted that the Punjab government has taken a slew of steps to increase the GST collection in the state and to plug the loopholes.

It has launched a massive crackdown on GST defaulters and launched various schemes to encourage residents to seek GST bills on every purchase.

The vigilance bureau also clamped down on GST thefts and nabbed corrupt officials. All these, according to the minister, have played a pivotal role in increasing the revenue.

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