CHANDIGARH: Collection of Goods and Services Tax (GST) in Punjab rose 15.69 per cent to Rs 19,222 crore in the fiscal year so far, while the state's excise revenue rose 11.71 per cent to Rs 8,093.59 crore. The network GST Revenue till February stood at Rs 19,222.5 crore in the current fiscal, up from Rs 16,615.52 crore collected in the same period of the previous fiscal, Finance Minister Harpal Singh Cheema said on Sunday.
Finance Minister Harpal Singh Cheema further said that the state's excise revenue also recorded an impressive growth of Rs 842.72 billion with the total revenue coming in at Rs 8,093.59 billion compared to Rs 7,244.87 billion in the same period ago a year, an official statement said.
Cheema said the state has witnessed a shift in its fiscal trajectory since the Chief Minister Bhagwant Singh Mann-led AAP government came to power in March 2022.
“With better planning and implementation, the state recorded a net growth in tax revenue of 13.85 per cent, surpassing 34,158 crore in revenue from VAT, CST, GST, PSDT (Punjab State Development Tax) and excise duties by the end of February,” he added.
“These figures represent not just numbers but the trust that the people of Punjab have in our government,” Cheema said, adding: “The government of Punjab is committed to using these revenues responsibly to provide vital public services, infrastructure development and social “To finance welfare.” programs.
Commenting on the launch of the State Intelligence and Preventive Unit (SIPU) and GST Prime portal, Cheema said proactive implementation of technology-driven solutions has improved efficiency, transparency and compliance in both GST and excise tax collection.
“This unprecedented growth in GST and excise revenues is a testament to Punjab’s economic resilience and our government’s unwavering commitment to sound financial management.
“We have successfully streamlined tax administration, curbed tax evasion and created a business-friendly environment that promotes compliance, which has led to this significant increase in revenue,” the minister said.
Finance Minister Harpal Singh Cheema further said that the state's excise revenue also recorded an impressive growth of Rs 842.72 billion with the total revenue coming in at Rs 8,093.59 billion compared to Rs 7,244.87 billion in the same period ago a year, an official statement said.
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Cheema said the state has witnessed a shift in its fiscal trajectory since the Chief Minister Bhagwant Singh Mann-led AAP government came to power in March 2022.
“With better planning and implementation, the state recorded a net growth in tax revenue of 13.85 per cent, surpassing 34,158 crore in revenue from VAT, CST, GST, PSDT (Punjab State Development Tax) and excise duties by the end of February,” he added.
“These figures represent not just numbers but the trust that the people of Punjab have in our government,” Cheema said, adding: “The government of Punjab is committed to using these revenues responsibly to provide vital public services, infrastructure development and social “To finance welfare.” programs.
Commenting on the launch of the State Intelligence and Preventive Unit (SIPU) and GST Prime portal, Cheema said proactive implementation of technology-driven solutions has improved efficiency, transparency and compliance in both GST and excise tax collection.
“This unprecedented growth in GST and excise revenues is a testament to Punjab’s economic resilience and our government’s unwavering commitment to sound financial management.
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