Punjab Finance, Planning, Excise and Taxation Minister Harpal Singh Cheema has said Punjab has collected a GST of Rs 10,604 crore during the first six months of the current financial year, crossing the Rs 10,000 mark for the first time since the implementation of the GST regime.
In a statement here, the Finance Minister said the state had seen a growth of 22.6 per cent in the GST collection in the current fiscal as against the same period last year. He added that during the first six months of the last financial year, the GST collection stood at Rs 8,650 crore, whereas during the current year, the state had earned Rs 1,954 crore more, taking the total GST collection to Rs 10,604 crore.
Disclosing the GST figures for September, Cheema said the state had registered a growth rate of 22 per cent. He said the GST collection for September this year was Rs 1,710 crore as compared to Rs 1,402 in September 2021.
The Finance Minister said the state government had estimated a GST collection of Rs 20,550 crore in its maiden budget for the financial year 2022-23. “The state has achieved more than 50 per cent in the first six months,” said the Finance Minister, adding that the state was expected to see a healthy growth in the GST collection during the upcoming festival season.
The Finance Minister said the state government had passed the Punjab Goods and Services Tax (Amendment) Bill, 2022, in the Assembly to plug all loopholes, besides stopping bogus billing, which would not only benefit traders but also increase the own revenue of the state.
Over 50% target achieved: Cheema
- Finance Minister Harpal Singh Cheema said the state government had estimated a GST collection of Rs 20,550 crore in its maiden Budget for the 2022-23 fiscal
- "The state has achieved more than 50 per cent in the first six months," Cheema said