Punjab Sees Increase in GST and Excise Revenue
Chandigarh, March 3 (IANS) – Punjab’s Finance Minister Harpal Singh Cheema announced a significant increase in Goods and Services Tax (GST) and excise revenue collection by the end of February in the current fiscal year compared to 2022-23. The state witnessed a 15.69% increase in GST and an 11.71% increase in excise revenue.
Cheema attributed the positive fiscal trajectory to the Chief Minister Bhagwant Singh Mann-led government since March 2022. The net GST collection up to February this year was Rs 19,222.5 crore, reflecting a growth of Rs 2,606.98 crore compared to the same period last year. Similarly, excise revenue saw a growth of Rs 842.72 crore, reaching Rs 8,093.59 crore compared to Rs 7,244.87 crore in the previous fiscal year.
Cheema stated, “With better planning and implementation, the state has recorded net tax revenue growth of 13.85 per cent, surpassing Rs 34,158 crore in revenue from VAT, CST, GST, PSDT, and excise by the end of February.” This increase in revenue signifies the government’s commitment to effective fiscal management and growth strategies.
The positive revenue growth in GST and excise collections highlights Punjab’s economic resilience and indicates a strong financial outlook for the state. As the government continues to focus on efficient tax collection and implementation processes, the state is poised for further economic growth and development under the leadership of Chief Minister Bhagwant Singh Mann.
–IANS
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