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Punjab Finance, Planning, Excise and Taxation Minister Advocate Harpal Singh Cheema said here today that the tireless efforts made by the Punjab government under the leadership of Chief Minister Bhagwant Mann to increase its revenue have yielded meaningful results and the state has June 2022. Compared to June 2023, Excise and Goods and Service Tax (GST) revenue has achieved a significant increase of 79 percent and 27.87 percent respectively.
He said that the present state government recorded its own record of 29.66 percent increase in revenue collection from Excise, GST, VAT, CST and PSDT during the month of June this year. has broken through, and registered an overall growth of 25 percent during the first quarter of FY 2023-24 as compared to the same period of FY 2022-23.
Expressing this in the press statement issued here, Finance Minister S. Harpal Singh Cheema said that during June 2023, the total revenue from excise stood at Rs 663.97 crore, while excise collection during June 2022 was Rs 370.93 crore, which has registered a significant increase of Rs 293.04 crore. He said that GST revenue also showed an increase of Rs 338.42 crore in the month of June this year with GST revenue of Rs 1552.66 crore in June 2023 as against Rs 1214.24 crore collected in June 2022.
The Punjab Finance Minister further disclosed that the total revenue from Excise, GST, VAT, CST and PSDT during June 2023 was Rs 2869.46 crore while it was Rs 2213.13 crore during June 2022, thus Rs 656.33 crore in the month of June this year. A total increase was recorded.
He said that the revenue from Value Added Tax (VAT) also showed an increase of 3.9 percent with VAT collection of Rs 616.94 crore in June 2023 as against VAT collection of Rs 593.79 crore in June 2022. He said that similarly, Central Sales Tax (CST) has also recorded an increase of 8.04 percent in June this year as compared to June 2022.
Expressing happiness that Punjab has continued to maintain stability on the path of development, Finance Minister S. Harpal Singh Cheema said that the state has not only shown a good growth rate during the month of June this year but also during the first quarter of the financial year 2023-24 Excise, GST, VAT, CST and PS. .has also registered an increase of Rs.1848.66 crore in total revenue from DT.
He said that during the first three months of the year 2022-23, the total revenue from these taxes was Rs 7395.33 crore while during this financial year it was recorded at Rs 9243.99 crore. S. Similarly, excise revenue during the first quarter of 2023-24 shows a growth of 55.65 percent and 24.76 percent from GST as compared to the previous financial year, Harpal Singh Cheema said.
Appreciating the performance of the Excise and Taxation Department, the Finance Minister said that these figures of growth rate show the diligence and efficiency of the officers and employees of these departments and congratulated them for it. S. Cheema reiterated that the Punjab government is committed to provide these departments with the latest technologies and equipment to crack down on tax evaders while extending every support to the honest doers.
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