Punjab’s economy on right track: Cheema

Cheema said that the total revenue from VAT, CST, GST, PSDT, and excise by the end of January registered 13.39% growth with a total collection of ₹31,003.14 crore as compared to ₹27,342.84 crore collected during 2022-23.

Finance minister Harpal Singh Cheema on Tuesday said that the economy of Punjab has been moving in the right direction as the tax revenue from Goods and Services Tax (GST), excise and value added tax (VAT) in the 10 months of fiscal year 2023-24 crossed the figure of ₹30,000 crore with a 15.67% growth in Goods and Services Tax (GST) and 10% growth in revenue from excise as compared to financial year 2022-23.

Finance minister Harpal Singh Cheema on Tuesday said that the economy of Punjab has been moving in the right direction as the tax revenue from Goods and Services Tax (GST), excise and value added tax (VAT) in the 10 months of fiscal year 2023-24 crossed the figure of ₹30,000 crore with a 15.67% growth in Goods and Services Tax (GST) and 10% growth in revenue from excise as compared to financial year 2022-23. (HT File Photo)

Disclosing this in a media release issued here, Cheema said that the total revenue from VAT, CST, GST, PSDT, and excise by the end of January registered 13.39% growth with a total collection of ₹31,003.14 crore as compared to ₹27,342.84 crore collected during 2022-23.

Cheema said that the chief minister Bhagwant Singh Mann-led Punjab government has been taking every step to improve the fiscal health of the state. He said that the state has made record tax collections with better planning and effective implementation since the formation of the AAP government in March 2022. “In the 10 months of the current fiscal year, net revenue from GST is ₹17,354.26 crore and net revenue from excise is ₹7,370.49 crore”, he added.