BREAKING ITS OWN RECORDS IN FY 23-24; MANN GOVT REGISTERS 28.2 PC GROWTH IN GST
Chandigarh: Punjab Finance, Planning, Excise and Taxation Minister Advocate Harpal Singh Cheema on Tuesday said that breaking its own records in the Goods and Services Tax (GST) collection set by bringing the revolutionary changes during financial year (FY) 2022-23, the Chief Minister Bhagwant Singh Mann led Punjab Government has recorded a growth of 28.2 percent in GST revenue during the first 5 months of the current fiscal year 2023-24 as compared to the last fiscal year.
Disclosing this, Finance Minister Harpal Singh Cheema said that as against the total revenue of Rs 6648.89 crore collected from GST during the first 5 months of the financial year 2022-23, a total of Rs 8524.17 crore has been collected during the same period in the current fiscal year. He said that additional revenue of Rs 1875.28 crore has been collected from GST up to the month of August this fiscal year.
Revealing the details of the revenue collected by the Taxation department from various sources, Harpal Singh Cheema said that the total revenue collected from GST, Excise, VAT, CST and PSDT during the FY 2023-24 has registered an increase of 17.49 percent as compared to last fiscal year. He said that a total revenue of Rs. 13116.36 crore was collected from the above said sources during the first 5 months of the FY 2022-23, whereas, an increase of Rs. 2293.67 crore has been observed with the collection of Rs. 15410.03 crore during the same period in current fiscal year.
Finance Minister Cheema said that despite recording an increase of more than 41 percent in excise revenue during the FY 2022-23 as compared to FY 2021-22 after the implementation of the new excise policy by Chief Minister Bhagwant Singh Mann's government, this growth graph is still touching the heights. He said that during the first 5 months of the FY 2023-24, the revenue received from Excise has reflected an increase of 7.69 percent compared to the same period of the FY 2022-23. He said that total revenue of Rs 3800.23 crore has been collected in the current fiscal year whereas Excise collection for the same period in FY 2022-23 was Rs 3528.92 crore, thereby, registering an increase of Rs 271.31 crore.
The Finance Minister said that this increase in revenue has been possible due to the sincere efforts of the Excise and Taxation department and the support extended by the people of the state. He said that mobile apps like 'Mera Bill' by the Tax Department and 'Excise QR Label Citizen' by the Excise Department have been launched to give an opportunity to the general public to effectively participate in the campaign of strengthening the state's financial health.