Punjab finance minister Harpal Singh Cheema on Tuesday said the state government has recorded a growth of 28.2% in goods and services tax (GST) revenue during the first five months of the current fiscal year 2023-24 as compared to the last fiscal year. Cheema said as against the total revenue of ₹6,648.89 crore collected from GST during the April-August period of the financial year 2022-23, ₹8,524.17 crore has been collected during the same period in the current fiscal year. “Additional revenue of ₹1875.28 crore has been collected from GST up to the month of August this fiscal year,” he said in a statement. 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.

Source: Hindustan Times September 06, 2023 04:55 UTC