Punjab has experienced a notable surge of 16.61% in Goods and Services Tax (GST) net receipts and an 11.45% growth in excise revenue during the initial eight months of the financial year 2023-24 until November, according to Finance Minister Harpal Singh Cheema. He disclosed that the state’s net GST receipts reached Rs 13,955 crore during the current fiscal year, reflecting a substantial increase from the Rs 11,967.76 crore recorded in the previous financial year till November. Additionally, the state reported a total growth of Rs 610.86 crore in excise revenue, reaching Rs 5,947.47 crore.
Punjab’s Tax Revenue Surpasses Rs 25,000 Crore Mark for Eight Months
Finance Minister Harpal Singh Cheema highlighted Punjab’s robust tax revenue performance, indicating that, for the first time since the implementation of GST, the state’s tax receipts for eight months have exceeded Rs 25,000 crore. Cheema emphasized the state’s commitment to cracking down on tax evaders and supporting honest taxpayers through simplified tax systems. The revenue from VAT, CST, GST, PSDT, and excise stood at Rs 24,965.59 crore for the current fiscal year until the end of November, showcasing significant growth and fiscal stability.
Punjab Achieves 13.89% Net Increase in Tax Revenue Till November
Punjab’s Finance Minister, Harpal Singh Cheema, reported a net increase of 13.89% in tax revenue from VAT, CST, GST, PSDT, and excise for the first eight months of the financial year 2023-24 until November. The state government’s efforts to combat tax evasion and streamline the tax system have contributed to the positive trend. With a total increase of Rs 610.86 crore in excise revenue and robust growth in GST net receipts, Punjab showcases fiscal resilience and effective revenue management strategies.