September 30, 2022

Punjab saw 24.15% growth in GST collection in four months: Finance Minister | Chandigarh News

CHANDIGARH: Punjab Finance Minister Harpal Singh Cheema claimed on Monday that the state had recorded growth of 24.15% in GST collection and 41.23% in excise collection over the past four first months of the 2022-23 financial year compared to the 2021-22 financial year.
Speaking at a press conference, Cheema said actual revenue growth had been very close to the estimated 27% GST budget growth for the 2022-23 fiscal year. He said the state saw a percentage growth of 3.46% in April, 44.79% in May, 51.49% in June and 13.05% in July this year over the year. 2021.
He claimed ‘success’ of the new excise policy as excise collection recorded a growth of 41.23% with total excise collection amounting to Rs 2,741.35 crore over the past four first months of FY 2022-23, compared to Rs 1,941.05 crore for the same period. over the past year.
Cheema said that the loan amount taken over for the CCL gap in 2017 by the then SAD-BJP government was Rs 30,584 crore and the monthly installment of this loan at an interest rate of 8.25% was Rs 270 crore. “We have negotiated with the banking consortium and the interest rate on this loan has been reset to 7.35% (effective April 1, 2022). The loan which was due to be paid till September 2034 will now be disposed of in October 2033 at the current rate,” the Punjab finance minister said while adding that the total interest savings after the renegotiation would be Rs 3,094 crore. to the public treasury.
Stating that the state government has not only increased its revenue but also repaid its loans to put the state on the highest growth trajectory, the Punjab finance minister said the state has made a additional payment of Rs 2,266.94 crore while servicing a debt worth Rs 10,366.94 crore. until July and loan of Rs 8,100 crore during the same period. “This includes payments to rescue institutions such as Punjab State Agricultural Cooperative Bank (PSACB) and PUNSUP, in addition to monthly payments for electricity subsidy as per schedule,” he added.
In response to a question regarding the Centre’s GST compensation, Cheema said that Punjab and other states have asked Union Finance Minister Nirmala Sitharaman that the GST compensation can be extended for a few years. because the fiscal health of some states is still not healthy. He added that the state government made efforts to increase state revenue while the previous Congress government did not make such efforts and remained solely dependent on GST compensation provided by the center.