Punjab clocks growth of 28.2 pc in GST collection

Punjab Finance Minister Harpal Cheema said the total revenue collected from GST, Excise, VAT, CST and PSDT in 2023-24 has registered an increase of 17.49 percent as compared to last fiscal year

Chandigarh: Punjab Finance Minister Harpal Cheema on Tuesday said the state has recorded a growth of 28.2 per cent in Goods and Services Tax (GST) in the first five months of this fiscal year compared to the previous fiscal.

Cheema said as against the total revenue of Rs 6,648.89 crore collected in the first five months of 2022-23, a total of Rs 8,524.17 crore has been collected during the same period in the current fiscal. He said additional revenue of Rs 1,875.28 crore has been collected from the GST up to August this year.

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He said the total revenue collected from GST, Excise, VAT, CST and PSDT in 2023-24 has registered an increase of 17.49 percent as compared to last fiscal year.

A total revenue of Rs 13,116.36 crore was collected from these sources during the first five months of 2022-23, whereas an increase of Rs 2,293.67 crore has been observed with the collection of Rs 15,410.03 crore during the same period in current fiscal year.

The minister said despite recording an increase of more than 41 per cent in excise revenue during 2022-23 as compared to 2021-22 after the implementation of the new excise policy by Chief Minister Bhagwant Singh Mann’s government, this growth graph is still touching the heights.