Chandigarh, March 3 (IANS): Punjab registered 15.69 per cent increase in Goods and Services Tax (GST) and a 11.71 per cent increase in excise revenue collection by the end of February in this fiscal compared to 2022-23, state's Finance Minister Harpal Singh Cheema said on Sunday.

He said the state has seen a shift in its fiscal trajectory since the Chief Minister Bhagwant Singh Mann-led government took office in March 2022. The net GST collection up to February in the current fiscal year is Rs 19,222.5 crore against Rs 16,615.52 crore during the same period in 2022-23, registering an increase of Rs 2,606.98 crore.

He said that the increase in revenue from excise also reflected a growth of Rs 842.72 crore with a collection of Rs 8,093.59 crore as against Rs 7,244.87 crore during the same period in the last fiscal year.

“With better planning and implementation, the state has recorded net tax revenue growth of 13.85 per cent, surpassing Rs 34,158 crore in revenue from VAT, CST, GST, PSDT, and excise by the end of February,” he added.