VAT collection in Punjab up by Rs 2,300 crore
Saturday, 23/02/2013
http://www.tribuneindia.com/2013/20130223/punjab.htm#11
The rise in annual Value Added Tax (VAT) collection this year to Rs 14,500 crore compared to last year has come as a welcome relief for the fund-starved SAD-BJP government. The target for this fiscal is Rs 15,000 crore.
The VAT collection for 2011-12 was Rs 12,223 crore. Sources confirmed the government was expecting to collect Rs 2,300 crore more in revenue as compared to last fiscal.
With each passing year, the state government has seen considerable increase in their revenue collection through VAT. In 2009-10 the collection was Rs 8,284 crore which shot up to Rs 10,778 crore in 2010-11 and a further up to Rs 12,223 crore the next fiscal.
“We have been on track so far this year and are hopeful to reach our target by March-end,” Punjab Excise and Taxation Commissioner Anurag Verma said. “The target for the next financial year will rise and our focus will be on computerisation in order to ensure maximum compliance of our anti-tax evasion policies,” Verma said.
Officials in the Punjab Excise and Taxation Department said the VAT collection from petroleum products was above Rs 2,500 crore this fiscal. Of late, the state government has been critical of the Congress regime at the Centre for the hike in diesel and petrol prices but has kept mum on the consequent increase in revenue of the state through VAT and cess on petroleum-products.
“Our collection from petroleum products is good but our taxes on diesel are one of the lowest in the country. However, we will collect somewhere in excess of Rs 2,500 crore this financial year,” said GS Gill, District Excise and Taxation Commissioner.
