Punjab’s revenue collection grows 20% in FY24
Punjab’s biggest source of revenue will remain the amount which will come from the federal government under the federal divisible pool. Photo: file
The Punjab Revenue Authority (PRA) has achieved a significant milestone by collecting revenue of over Rs239 billion in financial year 2023-24, up 20% compared with total receipts of Rs200.1 billion last year.
The final collection for FY24 is likely to rise further after the settlement of civil accounts, according to a statement issued by the PRA on Monday.
“This is a great achievement as it is the highest-ever collection by any provincial revenue authority including the other three provincial revenue authorities,” a PRA spokesperson said.
The total revenue collection comprises Rs223.4 billion in Punjab sales tax on services, up 17% against receipts of Rs191.2 billion last year, Rs10.2 billion in Punjab Workers Welfare Fund, reflecting a 92% growth over collection of Rs5.3 billion last year and Rs5.5 billion worth of Punjab Infrastructure Development Cess, an increase of 55% compared with the collection of Rs3.5 billion last year.
In June 2024 alone, the PRA received revenue of Rs32.7 billion against Rs28.2 billion in the same month of last year, representing a 16% growth.