Punjab finance minister Harpal Singh Cheema on Monday mentioned the state has registered a rise of 16.5 per cent and 20.87 per cent in revenue from Goods and Services Tax (GST) and excise, respectively throughout the first four months of the monetary 12 months 2023-24. The state’s GST collection stood at Rs 6,810.76 crore, and the mop-up from excise was Rs 3,033.78 crore throughout the April-July interval of the present fiscal.
Besides, it collected Rs 2,348.55 crore from Value Added Tax (VAT), Rs 76.91 crore from CST (central gross sales tax) and Rs 52.71 crore from Punjab State Development Tax (PSDT) throughout the first four months of this monetary 12 months, Cheema mentioned in an announcement issued right here. He mentioned the full revenue of Rs 11,037.17 crore was collected from these sources until the tip of July 2022. In the corresponding interval of the earlier fiscal, the state had acquired revenue of Rs 5,846.31 crore from GST, Rs 2,772.08 crore from excise, Rs 2,286.32 crore from VAT, Rs 80.84 crore from CST and Rs 51.62 crore from PSDT.
So far this 12 months, a complete of Rs 12,322.71 crore has been mobilized, which is 11.65 per cent increased as in comparison with the revenue collected throughout the year-ago interval. Referring to the Tax Intelligence Unit (TIU) and different technical and administrative reforms, Cheema mentioned whereas the GST mop-up has recorded a 16.5 per cent improve throughout the present monetary 12 months, there was a rise of 36.07 % in the revenue acquired from GST in 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,” Cheema mentioned. In order to make sure extra tax compliance, the finance minister mentioned {that a} new cellular app will likely be launched quickly below the ‘Bill Liao, Inam Pao’ scheme to reward truthful invoicing observe in the state.
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