Chandigarh-Punjab Finance, Planning, Excise and Taxation Minister Advocate Harpal Singh Cheema on Monday mentioned that the state has registered a rise of 16.5 per cent and 20.87 per cent in income from Goods and Services Tax (GST) and Excise respectively in the course of the first 4 months of the monetary 12 months 2023-24.
Disclosing this in a press assertion issued right here, Finance Minister Harpal Singh Cheema mentioned that the state had obtained income of Rs 5846.31 crore from GST, Rs 2772.08 crore from Excise, Rs 2286.32 crore from Value Added Tax (VAT), Rs 80.84 crores from Central Sales Tax (CST) and Rs 51.62 crores from Punjab State Development Tax (PSDT) throughout first 4 months of fiscal 12 months 2022-23. He mentioned that complete income of Rs 11037.17 crore was collected from these sources until the top of July 2022.
Giving credit score to the improved efficiency of Excise and Taxation division, Cheema mentioned that the division has mirrored constant enchancment with the gathering of Rs 6810.76 crore from GST, Rs 3033.78 crore from Excise, Rs 2348.55 crore from VAT, Rs 76.91 crore from CST and Rs 52.71 crores from PSDT in the course of the first 4 months of this monetary 12 months. He mentioned that to date a complete of Rs 12322.71 crore has been obtained from the above mentioned sources, which is 11.65 % extra as in comparison with the income collected from these throughout the identical interval in 2022-23.
Referring to Tax Intelligence Unit (TIU) and different technical and administrative reforms, Finance Minister Harpal Singh Cheema mentioned that whereas GST has recorded a complete enhance of 16.5 per cent in the course of the present monetary 12 months, and there was a rise of 36.07 % within the income obtained from GST in the course of the month of July this 12 months as in comparison with July 2022. “The tax department is making significant strides towards better use of technology to facilitate honest taxpayers and crack down on tax evaders”, mentioned the Finance Minister whereas including that placing ahead one other step in the identical route, a brand new cell app may also be launched quickly beneath the ‘Bill Liao, Inam Pao’ scheme.
The Finance Minister mentioned that the earlier authorities remained depending on GST compensation solely and didn’t take required steps to extend its income. He mentioned that the Chief Minister Bhagwant Mann led Punjab authorities is making all attainable efforts to make the state economically self-reliant in order to make sure the intense way forward for the state.