The Daily Guardian
  • Home/
  • Others/
  • Punjab witnesses 16.61% growth in GST revenue in 8 MONTHS finance minister explains

Punjab witnesses 16.61% growth in GST revenue in 8 MONTHS finance minister explains

Punjab has experienced a notable increase of 16.61% in Goods and Services Tax (GST), Value Added Tax (VAT), and excise collection in the first eight months of the financial year 2023-24, according to Harpal Singh Cheema, the Finance, Planning, Prohibition, and Taxation Minister. He highlighted that the state has seen consecutive growth rates of 16.61% […]

Advertisement · Scroll to continue
Advertisement · Scroll to continue
Punjab witnesses 16.61% growth in GST revenue in 8 MONTHS finance minister explains

Punjab has experienced a notable increase of 16.61% in Goods and Services Tax (GST), Value Added Tax (VAT), and excise collection in the first eight months of the financial year 2023-24, according to Harpal Singh Cheema, the Finance, Planning, Prohibition, and Taxation Minister. He highlighted that the state has seen consecutive growth rates of 16.61% and 11.45% in revenue from GST and excise, respectively.
In a statement, the Finance Minister revealed that by November of the financial year 2022-23, the state had collected INR 11,967.76 crores from GST. The net GST receipts for the ongoing financial year have reached INR 13,955.38 crores, marking an overall increase of INR 1,987.62 crores.
For the current fiscal year, excise revenue stands at INR 5,947.47 crores until November, while the total GST revenue for the first eight months of the financial year 2022-23 was INR 5,336.61 crores. This represents an expansion of INR 610.86 crores in excise revenue.The Finance Minister noted that there has been a net expansion of 13.89% in revenue collected from VAT, CST, GST, PSDT, and excise by November. He attributed this growth to the state government’s strict actions against tax evaders and efforts to simplify the tax system, providing convenience to honest taxpayers.Highlighting a significant achievement, Cheema mentioned that, for the first time after the implementation of GST, the state’s tax collections for the initial eight months of a fiscal year have surpassed INR 25,000 crores.
The Revenue Minister emphasized the state government’s commitment to extending its tax base by implementing measures to make the taxation system transparent and taxpayer-friendly. He announced that Punjab has achieved revenues of INR 24,965.59 crores from VAT, CST, GST, PSDT, and excise by the end of November in the current fiscal year.

Tags: