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Punjab's GST Collection Surges By 15.69% In Current Fiscal Year

Updated: Mar 04, 2024 02:37:13pm

Punjab's GST Collection Surges By 15.69% In Current Fiscal Year

Chandigarh, Mar 4 (KNN) The Goods and Services Tax (GST) collection in Punjab has experienced a notable increase of 15.69 per cent, reaching Rs 19,222 crore in the ongoing financial year.

Additionally, the state's excise revenue has also seen a significant rise of 11.71 per cent, amounting to Rs 8,093.59 crore.

Finance Minister Harpal Singh Cheema disclosed that the net GST collection up to February in the current fiscal year has reached Rs 19,222.5 crore, compared to Rs 16,615.52 crore collected during the same period in the preceding fiscal year.

Cheema further highlighted the impressive growth in the state's excise revenue, which saw an increase of Rs 842.72 crore, resulting in an overall collection of Rs 8,093.59 crore as opposed to Rs 7,244.87 crore recorded during the corresponding period last year.

He further emphasised the state's enhanced fiscal trajectory with a net tax revenue growth of 13.85 per cent. This growth has propelled Punjab's revenue from various taxes, surpassing Rs 34,158 crore by the end of February.

Cheema underscored the significance of this achievement, emphasizing the trust bestowed upon the government by the people of Punjab.

He reiterated the government's commitment to utilising this revenue prudently for essential public services, infrastructure development, and social welfare programs.

The implementation of technology-driven solutions such as the State Intelligence and Preventive Unit (SIPU) and GST Prime portal has played a pivotal role in enhancing efficiency, transparency, and compliance in both GST and excise tax collection processes.

Cheema concluded by stating that the remarkable growth in GST and excise collections reflects Punjab's economic resilience and the government's steadfast dedication to sound financial management.

The streamlined tax administration, coupled with efforts to deter evasion and create a conducive business environment, has facilitated this significant revenue boost.

(KNN Bureau)


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