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Punjab’s economy has shown remarkable growth as it crossed the revenue milestone of Rs 30,000 crore in the first 10 months of the fiscal year 2023-24, fueled by a robust increase in Goods and Services Tax (GST) and Excise revenue.
The state Finance Minister Harpal Singh Cheema on Tuesday announced that the state’s tax revenue from GST, Excise, and Value Added Tax (VAT) surged past the Rs 30,000 crore mark, registering a commendable growth of 15.67 percent in GST and 10 percent in Excise revenue compared to the previous fiscal year.
Cheema highlighted the significant strides made by Punjab’s economy under the leadership of Chief Minister Bhagwant Mann, emphasizing that the Government’s prudent planning and effective implementation strategies have resulted in record tax collections, showcasing a steady improvement in the fiscal health of the State since the formation of the AAP government in March 2022.
According to him, the total revenue from VAT, CST, GST, PSDT, and Excise reached Rs 31,003.14 crore by the end of January, marking a notable 13.39 percent growth compared to the previous fiscal year's collection of Rs 27,342.84 crore.
Breaking down the revenue figures, Cheema revealed that the net revenue from GST stood at Rs 17,354.26 crore, while Excise revenue amounted to Rs 7,370.49 crore during the 10 months of the current fiscal year. He further highlighted a substantial increase in revenue from GST by Rs 2,351.12 crore and Excise by Rs 669.47 crore.
Additionally, Punjab witnessed growth rates of 10.89 percent in VAT, 28.14 percent in CST, and 5.53 percent in PSDT, indicating a broad-based expansion in various sectors contributing to the state's revenue.
Cheema attributed this success to the government's initiatives aimed at fostering a transparent and responsive administration, without imposing any additional burden on the people. He cited the establishment of the Tax Intelligence Unit, introduction of schemes like ‘Bill Leyao Inaam Payo’, and One Time Settlement Scheme, along with legislative amendments such as the Punjab GST Amendment Act, 2023, a reward scheme for Informers, and many more measures as key drivers behind state’s remarkable revenue growth.