Punjab finance minister Harpal Singh Cheema on Tuesday said the state government has recorded a growth of 28.2% in goods and services tax (GST) revenue during the first five months of the current fiscal year 2023-24 as compared to the last fiscal year.
Cheema said as against the total revenue of ₹6,648.89 crore collected from GST during the April-August period of the financial year 2022-23, ₹8,524.17 crore has been collected during the same period in the current fiscal year. “Additional revenue of ₹1875.28 crore has been collected from GST up to the month of August this fiscal year,” he said in a statement.
Giving details of the revenue collected by the taxation department from various sources, Cheema said the total revenue collected from GST, excise, VAT, CST and PSDT during the FY 2023-24 has registered an increase of 17.49% as compared to last fiscal year.
He said revenue of ₹13,116.36 crore was collected from the above said sources during the first five months of the FY 2022-23, whereas an increase of ₹2293.67 crore has been observed with the collection of ₹15,410.03 crore during the same period in current fiscal year.
The finance and taxation minister said despite recording an increase of over 41% in excise revenue during the FY 2022-23 as compared to FY 2021-22 after the implementation of the new excise policy, this growth graph is still touching the heights. During the first five months of the FY 2023-24, the revenue received from excise has reflected an increase of 7.69% compared to the same period of the FY 2022-23. He said ₹3,800.23 crore has been collected in the current fiscal year whereas excise collection for the same period in FY 2022-23 was ₹3,528.92 crore, thereby, registering an increase of ₹271.31 crore.
{{/usCountry}}The finance and taxation minister said despite recording an increase of over 41% in excise revenue during the FY 2022-23 as compared to FY 2021-22 after the implementation of the new excise policy, this growth graph is still touching the heights. During the first five months of the FY 2023-24, the revenue received from excise has reflected an increase of 7.69% compared to the same period of the FY 2022-23. He said ₹3,800.23 crore has been collected in the current fiscal year whereas excise collection for the same period in FY 2022-23 was ₹3,528.92 crore, thereby, registering an increase of ₹271.31 crore.
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