No losses incurred, says Punjab Excise Department

Chandigarh, May 15

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The Excise Department on Friday said it did not incur any losses in 2019-20, except those resulting from the lockdown, which were yet to be assessed.

In a reply to statements by leaders that the department had suffered a loss of Rs 600 crore in 2019-20, the officials, after a meeting with the Chief Minister, said no such losses had been incurred. The officials claimed revenue receipts had shown a marked increase since the Congress government took over the state’s reigns in March 2017. From Rs 4,405.72 crore in FY 2016-17, the actual revenue received by the state exchequer shot up to Rs 5,135.68 crore in FY 2017-18, a 16 per cent increase in one year. There was a slight dip in the Excise Department revenues in FY 2018-19 on account of quota and price reduction, as well as hike in VAT, which went up to 14 per cent along with some changes in the GST, department officials said. — TNS