RECORDS 22% GROWTH IN GST COLLECTION, COMPARED TO THE NATIONAL GROWTH OF 10.3%, GOVT ACHIEVES 80% OF THE TOTAL BUDGET TARGET IN THE FIRST THREE QUARTERS OF THE FISCAL YEAR
Face2News/Chandigarh
Haryana Chief Minister, Sh. Manohar Lal, who also oversees the Finance Department, lauded the significant rise in Goods and Services Tax (GST) collections by the Haryana Excise and Taxation Department. While India's overall GST revenue for December 2023 hit Rs 1,64,822 crore, representing a 10.3% year-on-year increase, Haryana's performance surpassed the national average. The state's gross GST collection for December 2023 reached Rs 8,130 crore, a remarkable 22% jump compared to Rs 6,678 crore in December 2022.
This robust growth outstrips the national average significantly, highlighting the effectiveness of Haryana's economic policies and tax administration. It's noteworthy that neighboring states also experienced positive growth: Himachal Pradesh (5%), Punjab (8%), Delhi (16%), and Jammu and Kashmir (20%).
Increase in GST Collection Reflects Economic Progress
Sh. Manohar Lal said that the department's stellar performance in December, emphasizing its role in bolstering the state's economic stability. He further said that the surge in GST collection not only mirrors Haryana's economic advancement but also signifies promising prospects for its overall development. He expressed optimism for sustained growth, aiming to elevate Haryana's economic and financial stature.
Achievement of Budget Target
Additionally, the Excise and Taxation Department has commendably realized 80% of the total budget target for the fiscal year 2023-24 within the initial three quarters, underscoring its efficiency. With a total budget estimate of Rs 57,931 crore for the year, the department had garnered Rs 46,349 crore by December 31, 2023, across various categories. It's worth noting that Haryana consistently ranks among the top five states in GST collections and exhibited the highest growth rate among major states in November 2023.
Collection Details
Total Budget Estimate (2023-24): Rs 57,931 crore.
Total Collection as of 31st December 2023: Rs 46,349 crore (equivalent to 80% of the budget estimate).
Breakdown of Collection as of 31st December 2023:
SGST: Rs 29,235 crore (a 16.5% increase).
Excise: Rs 8,533 crore (a 15.6% increase).
VAT: Rs 8,581 crore.