Punjab’s revenue receipts go up
Ruchika M Khanna
Chandigarh, July 25
The state registered an increase in its revenue receipts during the first quarter of financial year 2024-25 as compared to the figures for the corresponding period last year, mainly due to an increase in excise duty and sales tax collections.
This is in spite of the fact that the grants-in-aid received by the state from the Centre have gone down and the Centre has stopped around Rs 9,770 crore funds.
The state has earned just 22.21 per cent of its targeted revenue for this fiscal, a tad less than the percentage of revenue target achieved last year. However, in actual terms, the total tax revenue this fiscal so far (till June) is Rs 17,977 crore, as against Rs 15,673.43 crore during the corresponding period last year.
The non-tax revenue collections have improved by Rs 272. 29 crore. The capital expenditure in the first quarter of 2024-25 is Rs 843.68 crore as compared to Rs 449.18 crore last year.
Finance Minister Harpal Cheema said, “I have assured the Finance Commission that 1.5 per cent of the GSDP will be spent on building capital assets, besides reducing debt-to-GSDP ratio by 1-1.50 per cent.”
In the first quarter, the state government raised a loan of Rs 9,038 crore.
