THE NEWS FREEDOM
CHANDIGARH, MARCH 3
Punjab’s Finance, Planning, Excise, and Taxation Minister, Harpal Singh Cheema, announced a noteworthy surge in Goods and Services Tax (GST) revenue by 15.69 percent and Excise revenue by 11.71 percent by the end of February in the ongoing fiscal year compared to FY 2022-23. Cheema hailed this milestone as a testament to Punjab’s robust economic growth and revenue generation success.
Since the Bhagwant Singh Mann-led Punjab Government assumed office in March 2022, Cheema noted a significant shift in the state’s fiscal trajectory. He disclosed that the net GST collection up to February in the current fiscal year reached ₹19,222.5 crore, marking a ₹2,606.98 crore increase from the same period in FY 2022-23. Similarly, Excise revenue witnessed a substantial growth of ₹842.72 crore, totaling ₹8,093.59 crore compared to ₹7,244.87 crore collected during the corresponding period last fiscal year.
Cheema underscored the state’s overall tax revenue growth of 13.85 percent, exceeding ₹34,158 crore from VAT, CST, GST, PSDT, and Excise by February’s end. He emphasized that these figures symbolize the public’s trust in the government and reaffirmed the government’s commitment to utilizing revenue responsibly for public services, infrastructure, and social welfare.
The Finance Minister credited the proactive implementation of technology-driven solutions, such as the State Intelligence and Preventive Unit (SIPU) and GST Prime portal, for enhancing efficiency, transparency, and compliance in tax collection processes. He attributed the unprecedented revenue growth to Punjab’s economic resilience and the government’s steadfast commitment to sound financial management, streamlined tax administration, and evasion curtailment.
Cheema acknowledged the Excise and Taxation Department’s diligent efforts and the unwavering support from Punjab’s citizens for this achievement. While regarding it as a promising start towards economic prosperity, he urged citizens to actively participate in initiatives like ‘Bill Liyao, Inam Pao’ to combat tax evasion effectively.