The tax revenue in Punjab has exceeded 30,000 Crore in the fiscal year 2023-24, showcasing substantial growth and a positive economic trend for the state.

In a recent announcement, Punjab’s Finance Minister, Harpal Singh Cheema, reported that the tax revenue generated from GST, excise, and VAT during the first 10 months of the fiscal year 2023-24 has exceeded 30,000 crores. This indicates a significant growth of 15.67% in GST and 10% in excise revenue compared to the previous fiscal year. The combined revenue from VAT, CST, GST, PSDT, and excise, up to January, has witnessed a growth of 13.39%, reaching Rs 31,003.14 crores, as opposed to Rs 27,342.84 crores in FY 2022-23.

Cheema highlighted the concerted efforts of the Punjab government in bolstering the state’s fiscal well-being. He pointed out that since the AAP government assumed office in March 2022, record-breaking tax collections have been accomplished through meticulous planning and implementation. Specifically, Cheema revealed that GST revenue soared to Rs 17,354.26 crore, while excise revenue reached Rs 7,370.49 crore in the initial 10 months of the current fiscal year.

Additionally, Cheema underscored a substantial net revenue surge of Rs 2,351.12 crore from GST and Rs 669.47 crore from excise. Furthermore, he pointed out impressive growth rates of 10.89% in VAT, 28.14% in CST, and 5.53% in PSDT.

The minister credited this achievement to a transparent administration that refrained from imposing additional burdens on the public. He outlined several initiatives taken by the government, including the establishment of a tax intelligence unit, the introduction of schemes like the ‘Bill Leyao Inaam Payo Scheme’ and the One Time Settlement Scheme 2023, the enactment of the Punjab GST Amendment Act 2023, and the implementation of a reward scheme for informers.