The News Freedom
Chandigarh, January 3
Punjab’s Finance, Planning, Excise, and Taxation Minister, Harpal Singh Cheema, announced a notable surge in revenue for the state on Wednesday. He revealed a 16.52 percent upturn in Goods and Services Tax (GST) earnings and a 10.4 percent rise in Excise revenue up to December in the ongoing fiscal year compared to FY 2022-23.
In a press release, Finance Minister Harpal Singh Cheema disclosed that the net GST collection until December for FY 2023-24 amounted to Rs. 15,523.74 crore, marking a substantial increase from Rs. 13,322.59 crore during the corresponding period in FY 2022-23, indicating a Rs. 2,201.15 crore surge in GST earnings.
Additionally, Singh highlighted the revenue generated from Excise, citing a rise from Rs. 6,050.7 crore in FY 2022-23 to Rs. 6,679.84 crore in the current fiscal year, reflecting a boost of Rs. 629.14 crore.
Delving into the state’s own tax revenue, Cheema underscored Punjab’s 14.15 percent overall growth from VAT, CST, GST, PSDT, and Excise until December compared to FY 2022-23. He delineated growth rates of 12 percent, 26.8 percent, and 5.24 percent in revenue from VAT, CST, and PSDT, respectively. The total own tax revenue for the last nine months amounted to Rs. 27,931.16 crore, a significant increase from the Rs. 24,468.14 crore recorded in the same period in 2022.
Underlining the Punjab Government’s commitment to elevating the state’s growth trajectory, Finance Minister Harpal Singh Cheema attributed the impressive revenue surge in FY 2022-23 to key reforms. He outlined ongoing reforms in FY 2023-24 aimed at sustaining growth, supporting honest taxpayers, and intensifying measures against tax evasion and illegal liquor trade, aligning with Chief Minister Bhagwant Singh Mann’s vision for progress and prosperity in Punjab.