SAYS, 14% INCREASE IN NET TAX REVENUE REFLECTS GROWING STRENGTH AND RESILIENCE OF PUNJAB'S ECONOMY
(MOREPIC1) Face2News/Chandigarh
In a significant achievement, Punjab registered 15.69 percent increase in Goods and Services Tax (GST) and an 11.71 percent increase in Excise revenue collection by the end of February in the current fiscal year as compared to FY 2022-23. The state's Finance, Planning, Excise and Taxation Minister, Advocate Harpal Singh Cheema, announced the milestone, emphasizing Punjab's robust economic growth and success in revenue generation.
Finance Minister Harpal Singh Cheema stated that the state has seen a shift in its fiscal trajectory since the Chief Minister Bhagwant Singh Mann led Punjab Government took office in March 2022. He said that the net GST collection up to February in the current fiscal year is ₹19222.5 crore against ₹16615.52 crore collected during the same period in FY 2022-23, registering an increase of ₹2606.98 crore. He said that the increase in revenue from Excise also reflected an impressive growth of ₹842.72 crore with a collection of ₹8093.59 crore as against ₹7244.87 crore collected during the same period in the last fiscal year. “With better planning and implementation, the state has recorded net tax revenue growth of 13.85 percent, surpassing ₹34,158 crore in revenue from VAT, CST, GST, PSDT, and Excise by the end of February”, he added.
“These figures represent not just numbers but the trust that the people of Punjab have placed in our government,” continued Cheema while adding, “The Punjab Government is dedicated to using this revenue responsibly to fund vital public services, infrastructure development, and social welfare programs that further enhance the lives of Punjab residents.”
Referring to the launch of the State Intelligence and Preventive Unit (SIPU) and GST Prime portal by the current state government, Cheema said that the proactive implementation of technology-driven solutions has enhanced efficiency, transparency, and compliance in both GST and Excise tax collection processes.(SUBHEAD)
“This unprecedented growth in GST and Excise collections is a testament to Punjab's economic resilience and our government's unwavering commitment to sound financial management. We have successfully streamlined tax administration, curbed evasion, and created a business-friendly environment that encourages compliance, leading to this significant revenue boost”, said the Punjab Finance Minister.
The Finance Minister emphasized that this achievement by the Punjab Government owes its success to the diligent efforts of the Excise and Taxation Department, as well as the unwavering support from the state’s citizens. While acknowledging this as a promising start toward the state’s economic prosperity, he earnestly urged the people of Punjab to actively participate in initiatives such as ‘Bill Liyao, Inam Pao’, to contribute significantly to the complete eradication of tax evasion.
