Punjab finance and excise and taxation minister Harpal Singh Cheema on Monday said that the state has registered an increase of 16.5% and 20.87% in revenue from goods and services tax (GST) and excise, respectively, during the first four months of the financial year 2023-24.
Disclosing this in a press statement here, FM said that the state had received revenue of ₹5,846.31 crore from GST, ₹2,772.08 crore from excise, ₹2,286.32 crore from value-added tax (VAT), ₹80.84 crore from central sales tax (CST) and ₹51.62 crore from Punjab State Development Tax (PSDT) during first four months of fiscal year 2022-23.
He said that total revenue of ₹11,037.17 crore was collected from these sources till the end of July 2022. Cheema said that the excise and taxation department has reflected consistent improvement with the collection of ₹6,810.76 crore from GST, ₹3,033.78 crore from Excise, ₹2,348.55 crore from VAT, ₹76.91 crore from CST and ₹52.71 crore from PSDT during this period.
“So far, a total of ₹12,322.71 crore has been received from the above said resources, which is 11.65% more as compared to the revenue collected from these during the same period in 2022-23”, he said.
Referring to the tax intelligence unit (TIU) and other technical and administrative reforms, Cheema said that there has been an increase of 36.07% in the revenue received from GST during July this year as compared to July 2022.
“The tax department is taking strides towards better use of technology to facilitate honest taxpayers and crack down on evaders”, said the FM, adding that putting forward another step in the same direction, a new mobile app will also be released soon under the ‘Bill Liao, Inam Pao’ scheme.
“The previous government remained dependent on GST compensation only and did not take required steps to increase its revenue,” said the FM, adding that the CM Bhagwant Mann-led Punjab government is making all efforts to make the state economically self-reliant.
Source from: hindustantimes.com
