Punjab finance, planning, excise and taxation minister Harpal Singh Cheema on Monday said the state has registered growth rate of 24.15 per cent in the GST (goods and services tax)  collection and 41.23 per cent in excise collection during the first four months of financial year 2022-23 as compared to financial year 2021-22.

Addressing a Press conference here at Punjab Bhawan, Cheema said the actual receipt growth has been very close to the budget estimated growth 27 per cent in GST for 2022-23. He said that the state witnessed a growth percentage of 3.46 per cent in April, 44.79 per cent in May, 51.49 per cent in June and 13.05 per cent in July this year as compared to 2021.

The minister said the success of new excise policy speaks for itself as the excise collection registered a growth of 41.23 per cent with total excise collection stood at Rs 2741.35 Crore during the first four months of FY 2022-23 as compared to Rs 1941.05 Crore for the same period during last year.

Listing another major achievement of the state government, Cheema said the loan amount taken over for cash credit limit (CCL) gap in 2017 by the then SAD-BJP government was Rs 30,584 Crore and the monthly instalment of this loan at 8.25 per cent rate of interest was Rs 270 Crore.

“We negotiated with the bank consortium and the interest rate on this loan has been reset at 7.35 per cent (effective from 1 April, 2022). Loan which was to be paid till September 2034 will now be disposed of in October 2033 at current pace”, said Cheema adding the total interest savings after renegotiation would be Rs 3,094 Crore to the state exchequer.

Stating that state government has not only increased its revenue but also repaid its loans to put state in the higher trajectory of growth, finance minister said  the state has made an additional payment of Rs 2,266.94 Crore while servicing debt worth Rs 10, 366.94 Crore till July and availing loan of Rs 8,100 Crore during the same period.

“This includes the payments paid to bailout institutions like Punjab State Agricultural Cooperative Bank (PSACB) and PUNSUP besides making monthly payments for power subsidy as per schedule”, he added.