CHANDIGARH: The Goods and Services Tax (GST) assortment in Punjab jumped 15.69 per cent to Rs 19,222 crore within the present monetary 12 months thus far, whereas the state’s excise income rose 11.71 per cent to Rs 8,093.59 crore. The web GST assortment up to February within the present fiscal 12 months stood at Rs 19,222.5 crore, up from Rs 16,615.52 crore collected throughout the identical interval of the previous fiscal, finance minister Harpal Singh Cheema stated on Sunday.
Finance minister Harpal Singh Cheema additional stated that the state’s excise income additionally witnessed a formidable progress of Rs 842.72 crore with the general assortment of Rs 8,093.59 crore as in opposition to Rs 7,244.87 crore recorded throughout the identical interval a 12 months in the past, in accordance to an official assertion.
Cheema stated that the state has seen a shift in its fiscal trajectory since Chief Minister Bhagwant Singh Mann-led AAP authorities assumed workplace in March 2022.
“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 (Punjab state development tax), and excise by the end of February,” he added.
“These figures represent not just numbers but the trust that the people of Punjab have placed in our government,” Cheema stated, including, “the Punjab government is dedicated to using this revenue responsibly to fund vital public services, infrastructure development, and social welfare programmes.”
Referring to the launch of the State Intelligence and Preventive Unit (SIPU) and GST Prime portal, Cheema stated that the proactive implementation of technology-driven options has enhanced effectivity, transparency, and compliance in each GST and excise tax assortment processes.
“This unprecedented growth in GST and excise collections is a testament to Punjab’s economic resilience and our government’s unwavering commitment to sound financial management.
“We have efficiently streamlined tax administration, curbed evasion, and created a business-friendly setting that encourages compliance, main to this important income increase,” the minister stated.
Finance minister Harpal Singh Cheema additional stated that the state’s excise income additionally witnessed a formidable progress of Rs 842.72 crore with the general assortment of Rs 8,093.59 crore as in opposition to Rs 7,244.87 crore recorded throughout the identical interval a 12 months in the past, in accordance to an official assertion.
Cheema stated that the state has seen a shift in its fiscal trajectory since Chief Minister Bhagwant Singh Mann-led AAP authorities assumed workplace in March 2022.
“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 (Punjab state development tax), and excise by the end of February,” he added.
“These figures represent not just numbers but the trust that the people of Punjab have placed in our government,” Cheema stated, including, “the Punjab government is dedicated to using this revenue responsibly to fund vital public services, infrastructure development, and social welfare programmes.”
Referring to the launch of the State Intelligence and Preventive Unit (SIPU) and GST Prime portal, Cheema stated that the proactive implementation of technology-driven options has enhanced effectivity, transparency, and compliance in each GST and excise tax assortment processes.
“This unprecedented growth in GST and excise collections is a testament to Punjab’s economic resilience and our government’s unwavering commitment to sound financial management.
“We have efficiently streamlined tax administration, curbed evasion, and created a business-friendly setting that encourages compliance, main to this important income increase,” the minister stated.
