Revenue collection in Punjab up by Rs 10,382 crore in 2020-21

The revenue collection in Punjab has witnessed an upward trend during 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, said Chief Minister Amarinder Singh on Friday.

A spokesperson for the Chief Minister's office said during 2020-21 the total revenue collection was Rs 42,918.34 crore reflecting a hike of 31.91 per cent as compared to Rs 32,536.26 crore collected during FY 2019-20.

Pertinently, the collection from VAT and CST amounted to Rs 6,113.54 crore during 2020-21 while the last year's figures stood at Rs 5,408.12 crore thus showing an increase of Rs 705.42 crore (13.04 per cent).

Similarly, the excise collection pegged at Rs 6,091.21 crore during last fiscal showing an increase of Rs 1,068.35 crore (21.27 per cent) over the collection of Rs 5,022.86 crore during the corresponding period for 2019-20.

Meanwhile, the GST collection and compensation cess during 2019-20 was Rs 22,105.28 crore while the corresponding figure during 2020-21 stood at Rs 30,713.59 crore which shows surge of Rs 8,608.31 crore (38.94 per cent).

The state government through fiscal consolidation coupled with economic prudence and budget management has led to the marked improvement in the excise collection. - IANS