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It is a matter of great joy for the Bhagwant Mann-led AAP government of Punjab that a 25 percent increase in revenue receipts has been recorded during the first quarter of the financial year. The receipts which were Rs 7395.33 crore in the first quarter last year have increased to Rs 9243.99 crore and thus an increase of Rs 1848.66 crore has been recorded.
Finance Minister Harpal Cheema says that we have increased the income by removing obstacles in tax collection.
This increase in the government’s income has happened when the central government has withheld many funds of Punjab and has also reduced the borrowing limit of the state by 18000 crore rupees. The earlier borrowing limit for Punjab was Rs 45730 crore.
Most of the gains have been in revenue from excise. In 2022, where the income was Rs 1517.85 crore, this time it has increased by 55.65 percent to Rs 2362.53 crore.
A 20 percent increase in GST receipts has also been recorded in the state. Compared to last year’s 4050.62 crore, this time the income has been Rs 5053.62 crore, which is Rs 10003 crore more. Similarly, an increase in VAT income has also been recorded. As compared to last year’s Rs 1731.93 crore, the income has been Rs 1737.93 crore. Only Central Sales Tax (CST) has recorded a decline of Rs 9.53 crore. While this income was 55.7 percent last year, it has reduced to Rs 50.39 crore.
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