28.2% growth in GST revenue in five months: Punjab finance minister Cheema
Cheema said as against the total revenue of Rs 6,648.89 crore collected from GST during the April-August period of the financial year 2022-23, Rs 8,524.17 crore has been collected during the same period in the current fiscal year. “Additional revenue of Rs 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 Rs 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 Rs 2293.67 crore has been observed with the collection of Rs 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 Rs 3,800.23 crore has been collected in the current fiscal year whereas excise collection for the same period in FY 2022-23 was Rs 3,528.92 crore, thereby, registering an increase of Rs 271.31 crore.
