16% growth in GST: Minister

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Chandigarh, March 3

Punjab registered 15.69 per cent increase in Goods and Services Tax (GST) and an 11.71 per cent increase in Excise revenue collection by the end of February in the current fiscal year as compared to fiscal year 2022-23, said Finance, Planning, Excise and Taxation Minister, Harpal Singh Cheema on Sunday.

He said the state has seen a shift in its fiscal trajectory since AAP government was formed. The net GST collection up to February in the current fiscal year was Rs 19,222.5 crore against Rs 16,615.52 crore collected during the same period in fiscal year 2022-23, registering an increase of Rs 2,606.98 crore. He said that the increase in revenue from Excise also reflected an impressive growth of Rs 842.72 crore with a collection of Rs 8,093.59 crore as against Rs 7,244.87 crore collected during the same period in the last fiscal year.

“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,” he added.