Punjab sees 15% jump in tax revenue despite sluggish GST
5 months ago

Punjab sees 15% jump in tax revenue despite sluggish GST

Hindustan Times  

Chandigarh : The Punjab government registered an increase of 15% year-on-year in its tax revenue in the first quarter of the financial year 2024-25. The Punjab government registered an increase of 15% year-on-year in its tax revenue in the first quarter of the financial year 2024-25 The impressive increase came on the back of improved state excise, sales tax and stamps and registration collections and state’s share of central taxes even as the growth in goods and services tax mop-up remained sluggish during the first three months. In the first quarter, the state government mopped up ₹5,353.75 crore from the goods and services tax, which is 20.79% of the collection target of ₹25,750 crore for the current financial year. The non-tax revenue, which is collected from government services and remained sluggish in the past, has climbed by 24% to ₹1,396 crore in the first quarter from ₹1,124 crore during the corresponding period last year, but it is still way below the growth targeted by the state government this year. Capex up, but way below target Though capital expenditure nearly doubled to ₹853 crore in the first three months from ₹449 crore in the corresponding period last year, it remains abysmally low.

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