GST revenue increased by 16.61% during the first 8 months of the financial year 2023-24

Chandigarh: Punjab Finance, Planning, Excise and Taxation Minister Advocate Harpal Singh Cheema on Saturday said that the state has achieved 16.61 percent increase in net Goods and Service Tax (GST) collection up to November, and the revenue from Excise recorded an impressive growth rate of 11.45 percent during the first 8 months of FY 2023-24 against the same period of last fiscal year.

      Disclosing this in a press communiqué issued here, the Punjab Finance Minister said that the net GST collection of the state registers an increase of Rs 1987.62 crore during the current fiscal year with a net revenue collection of Rs 13955.38 crore against the collection of Rs 11967.76 crore up to November in FY 2022-23.

     Revealing the growth achieved in the revenue collection from Excise, Harpal Singh Cheema said that the total revenue from excise in the current FY is Rs 5947.47 crore against Rs 5336.61 crore in the first 8 months of FY 2022-23, registering an increase of Rs. 610.86 crore. He said that the net revenue collection from VAT, CST, GST, PSDT and Excise up to November reflected an increase of 13.89 percent in comparison to the net collection of Rs. 21921.46 crore from these resources during the same period in FY 2022-23.

     Cheema said that the state government has increased its own tax revenue by tightening the noose around the tax evaders and facilitating the honest taxpayers through simplification of the tax regime. He said that the 8-month tax receipts of the state have touched the Rs. 25 K crore figure for the first time since the implementation of GST with a net revenue collection of Rs. 24965.59 crore from VAT, CST, GST, PSDT and Excise

     Finance Minister Harpal Singh Cheema said that last year the Chief Minister Bhagwant Singh Mann led unjab Government had brought a drastic increase in the state’s own revenue by bringing transparency and efficiency in the administration, and all efforts are being made to further strengthen the state’s economy. He reiterated the commitment to put the state on a higher trajectory of growth and prosperity.