Punjab’s excise revenue sees 79% jump in June, says FM Harpal Singh Cheema

Punjab finance minister Harpal Singh Cheema on Monday said that the state has witnessed revenue increase by 79% and nearly 28% in the excise and good and services tax (GST) during June 2023 as compared to June 2022

Punjab finance minister Harpal Singh Cheema on Monday said that the state has witnessed revenue increase by 79% and nearly 28% in the excise and good and services tax (GST) during June 2023 as compared to June 2022.

Punjab finance minister Harpal Singh Cheema

He said that the state government has broken its records by registering a nearly 30% increase in revenue collection from excise, GST, VAT, CST and PSDT during June this year, and an aggregate increase of 25% during the first quarter of the financial year 2023-24 as compared to the same period of 2022-23.

Disclosing this in a press communiqué issued here, Cheema said that the total revenue from excise during June 2023 was ₹663.97 crore as against the excise collection of ₹370.93 crore during June last year, registering an increase of ₹293.04 crore, an increase of 79%.

He said that the revenue from GST has also reflected an increase of ₹338. 42 crore with a GST collection of ₹1552.66 crore in June 2023 as against a collection of ₹1214.24 crore in June 2022.

Revealing further, the FM said that the total revenue from excise, GST, VAT, CST and PSDT during June 2023 was ₹2,869.46 crore as against ₹2,213.13 crore during June 2022, registering an increase of ₹656.33 crore. He said the revenue from Value Added Tax (VAT) also showed an increase of 3.9% in June 2023, with VAT collection of ₹616.94 crores in June 2023 as against VAT collection of ₹593.79 crore in June 2022.

“Similarly, the Central Sales Tax (CST) collection registers 8.04% growth in June this year as compared to June 2022”, he added.

Expressing happiness over Punjab’s stability on the growth trajectory, the FM said that the state has registered an increase of ₹1,848.66 crore in revenue from excise, GST, VAT, CST & PSDT during the first quarter of FY 2023-24.

He said that the total revenue collection during the first quarter of FY 2023-24 was ₹9243.99 crore as against ₹7395.33 crore during the first three months of FY 2022-23. “During the first quarter of 2023-24, the excise revenue reflects a growth of 55.65% and revenue from GST an increase of about 25%”, said Cheema.