The revenue collection in Punjab has witnessed an upward trend during the financial year 2020-2021 to the tune of Rs 10,382.08 crore in comparison to the corresponding period of last fiscal due to the efficacious fiscal consolidation measures undertaken by the state government.
Spokesperson of the Chief Minister’s office said that during 2020-21, the total revenue collection was Rs. 42918.34 crore reflecting a hike of 31.91 % as compared to Rs. 32536.26 crore collected during FY 2019-20.
Pertinently, the collection from VAT & CST amounted to Rs. 6113.54 crore during 2020-21 while the last year’s figures stood at Rs. 5408.12 crore thus showing an increase of Rs. 705.42 crore (13.04%). Similarly, the Excise collection pegged at Rs. 6091.21 crore during last fiscal showing an increase of Rs. 1068.35 crore (21.27%) over the collection of Rs. 5022.86 crore during the corresponding period for the financial year 2019-20. Meanwhile, the GST collection and Compensation cess during 2019-20 was Rs. 22105.28 crore while the corresponding figure during 2020-21 stood at Rs. 30713.59 crore which shows surge of Rs. 8608.31 crore (38.94 %).
The state government through fiscal consolidation coupled with economic prudence and budget management has led to the marked improvement in the excise collection.