Under the visionary leadership of Chief Minister Bhagwant Mann, Punjab has undergone a remarkable fiscal transformation, transitioning from a state of financial deficit to one of fiscal profit. This significant achievement is a testament to the rigorous efforts of the AAP government in boosting revenue generation and reshaping the state’s economic landscape.
Remarkable Revenue Surge
Central to this transformation is the successful implementation of the Excise policy, which generated an impressive Rs 8,841 crore in revenue. This substantial increase of Rs 2,587 crore compared to the previous year marks a phenomenal growth of 41.41%. The government has set an ambitious target of Rs 9,754 crore for the next fiscal year, displaying unwavering confidence in its ability to achieve this milestone.
Zero-Tax Budget: Putting People First
Punjab’s AAP government introduced a pioneering zero-tax budget, reducing the tax burden on citizens while fostering economic growth. This innovative approach demonstrates the government’s dedication to the welfare of its people and sets a precedent for responsible fiscal governance.
GST Collection Soars
Punjab’s GST collection witnessed a substantial boost, propelling the state from a low-performing GST collector to one of the top performers with a remarkable 16.6% increase. The collection for the last fiscal year reached an impressive Rs 18,126 crore, a significant rise from the previous year’s Rs 15,542 crore.
This fiscal turnaround, under the AAP’s stewardship, reflects Punjab’s commitment to financial stability and economic growth, setting the stage for a prosperous future for the state and its residents.