GST collection up 16.52% till December, says Punjab FM Harpal Cheema

Tribune News Service

Chandigarh, January 3

The state has witnessed net 16.52 per cent growth in revenue from Goods and Services Tax (GST) and 10.4 per cent increase in revenue from Excise till December in the current fiscal year as compared to last fiscal year, Finance, Planning, Excise and Taxation Minister Harpal Cheema said on Wednesday.

The net GST collection up to December in 2023-24 fiscal was Rs 15,523.74 crore against the net GST collection of Rs 13,322.59 crore during the same period in 2022-23, Cheema said in a statement. Thus, the net increase in GST collection amounts to Rs 2,201.15 crore, he said.

Reforms in offing

• The revenue from Excise till December in 2022-23 was Rs 6,050 crore. It rose to
• Rs 6,679 crore in the current fiscal year
• Punjab achieved a growth rate of 14.15 per cent in total revenue from the VAT, CST, GST, PSDT and Excise up to December during the current fiscal year as compared to FY 2022-23
• The minister said many more reforms were being adopted in 2023-24 to maintain the growth chart, while extending every help to the honest taxpayers

The Finance Minister said the revenue from Excise till December in 2022-23 financial year was Rs 6,050.7 crore, whereas, it rose to Rs 6,679.84 crore in the current fiscal year, registering an increase of Rs 629.14 crore.

Revealing figures of the state’s own tax revenue, Cheema said Punjab achieved a growth rate of 14.15 per cent in total revenue from VAT, CST, GST, PSDT and Excise up to December during the current fiscal year as compared to FY 2022-23.

He said revenue from VAT, CST, and PSDT reflects a growth rate of 12 per cent, 26.8 per cent and 5.24 per cent, respectively. He said the state’s total own tax revenue, during the last nine months, was Rs 27,931.16 crore against Rs 24,468.14 crore collected during the same period in 2022.

Cheema said the state had witnessed impressive growth in its own tax revenue during 2022-23 due to major reforms adopted by the state government. In 2023-24, the minister said, many more reforms were being adopted to maintain the growth chart while extending every help to the honest taxpayers and tightening the noose around the tax evaders and illegal liquor trade.

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