GST revenue up 16.61% this fiscal

Chandigarh, December 2

Finance, Planning, Excise and Taxation Minister Harpal Singh Cheema on Saturday said the state had achieved 16.61 per cent increase in the net Goods and Service Tax (GST) collection up to November, and the revenue from excise recorded an impressive growth rate of 11.45 per cent during the first eight months of the 2023-24 financial year against the same period last fiscal year.

Disclosing this in a press communiqué issued here, the minister said the net GST collection of the state had registered an increase of Rs 1,987.62 crore during the current fiscal year with a net revenue collection of Rs 13,955.38 crore against the collection of Rs 11,967.76 crore up to November in the 2022-23 financial year.

Cheema said the total revenue from excise in the current fiscal was Rs 5,947.47 crore against Rs 5,336.61 crore in the first eight months of 2022-23, registering an increase of Rs 610.86 crore. He said the net revenue collection from VAT, CST, GST, PSDT and excise up to November reflected an increase of 13.89 per cent in comparison to the net collection of Rs 2,1921.46 crore from these resources during the same period in 2022-23.

He said the state government had increased its own tax revenue by tightening the noose around tax evaders and facilitating honest taxpayers through simplification of the tax regime. He said the eight-month tax receipts of the state had touched the Rs 25K crore figure for the first time since the implementation of the GST with a net revenue collection of Rs 24,965.59 crore from VAT, CST, GST, PSDT and excise.

Cheema said last year, the state government had brought a drastic increase in the state’s own revenue by bringing transparency and efficiency in the administration, and all efforts are being made to further strengthen the state’s economy.