In the first part of this fiscal year, the state’s GST collection has for the first time exceeded the Rs 10,000 crore barrier, according to Punjab Finance Minister Harpal Singh Cheema on Wednesday.
According to the finance, planning, excise, and taxation minister, the state’s GST collection has increased by 22.6% year over year so far this fiscal. He added that the state earned Rs 1,954 crore more this year, bringing the overall GST collection to Rs 10,604 crore, compared to the first six months of the previous financial year, when it stood at Rs 8,650 crore.
According to a statement from the minister, the GST collection for September of this year was Rs 1,710 crore as opposed to Rs 1,402 crore in September of 2021. A total GST collection of Rs 20,550 crore was also estimated by the Bhagwant Mann-led Punjab government for the fiscal year 2022–2023, he added.
According to Cheema, ‘the state has achieved more than 50% in the first six months,’ and during the next festival season, the state is expected to have healthy rise in GST collection.
In order to close all loopholes and avoid false billing, the Punjab Goods and Services Tax (Amendment) Bill 2022 was just enacted by the state Assembly, he observed. This would not only help the traders but would also boost the state’s own revenue.
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