Punjab Finance Minister Advocate Harpal Singh Cheema on Tuesday said that the economy of Punjab has been moving in the right direction as the tax revenue from Goods and Services Tax (GST), Excise and Value Added Tax (VAT) in the 10 months of fiscal year (FY) 2023-24 crossed the figure of 30K Crore with a 15.67 percent growth in Goods and Services Tax (GST) and 10 percent growth in revenue from Excise as compared to FY 2022-23.
Disclosing this in a press communiqué issued here, Finance Minister Harpal Singh Cheema said that the Finance Minister said that the total revenue from VAT, CST, GST, PSDT, and Excise by the end of January registered 13.39 percent growth with a total collection of Rs 31003.14 Crore as compared to Rs. 27342.84 crore collected during the FY 2022-23.
Cheema said that the Chief Minister Bhagwant Singh Mann led Punjab Government has been taking every step to improve the fiscal health of the state. He said that the state has made record tax collections with better planning and effective implementation since the formation of the AAP government in March 2022. “In the 10 months of the current fiscal year, Net revenue from GST is Rs. 17354.26 Crore and Net revenue from Excise is Rs. 7370.49 Crore”, he added.
The Finance Minister further added that the net revenue increase from GST is 2351.12 crore and from Excise is Rs. 669.47 crore. “Meanwhile, the state also registers 10.89 percent growth in VAT, 28.14 percent in CST, and 5.53 percent in PSDT”, said Cheema.
The Minister said that the government had made this possible by ensuring transparent and responsive administration, without levying any new burden on the people. He said that the government established the Tax Intelligence Unit besides bringing the ‘Bill Leyao Inaam Payo Scheme’, One Time Settlement Scheme, 2023, the Punjab GST Amendment Act, 2023, a reward scheme for Informers, and many more measures.