Punjab’s revenue collection, during the financial year 2020-2021, has witnessed an upward trend to the tune of `10,382.08 crore in comparison to the corresponding period of last fiscal. The Government has attributed the rising revenue to the “efficacious fiscal consolidation measures” undertaken by the State Government.
“The total revenue collection was `42,918.34 crore reflecting a hike of 31.91 percent as compared to `32,536.26 crore collected during 2019-20,” said a spokesperson of the Chief Minister’s office.
Pertinently, the collection from VAT and CST amounted to `6,113.54 crore during 2020-21 while the previous year’s figures stood at `5,408.12 crore thus showing an increase of ` 705.42 crore (13.04 percent).
Similarly, the Excise collection pegged at `6,091.21 crore during the previous fiscal showing an increase of `1,068.35 crore (21.27 percent) over the collection of ` 5,022.86 crore during the corresponding period for the financial year 2019-20.
Meanwhile, the GST collection and compensation cess during 2019-20 was `22,105.28 crore while the corresponding figure during 2020-21 stood at `30,713.59 crore which shows a surge of `8,608.31 crore (38.94 percent).
The State Government through fiscal consolidation coupled with economic prudence and budget management has led to the marked improvement in the excise collection, said the spokesperson.