Punjab surpasses ₹30,000 crore in revenue collection in nine months of current fiscal: Finance Minister Cheema

Punjab Finance Minister Harpal Singh Cheema.
| Photo Credit: FILE PHOTO

Punjab Finance Minister Harpal Singh Cheema on Thursday said the State has, for the first time, surpassed the ₹30,000 crore mark in revenue collection from Value-Added Tax (VAT), Central Sales Tax (CST), Goods and Services Tax (GST), Punjab State Development Tax (PSDT), and excise within the first nine months of the fiscal year.

“In the current fiscal year, the total revenue received from these taxes up to December is ₹31,156.31 crore, whereas in the fiscal year 2023-24, the total revenue collection from these taxes was ₹27,927.31 crore,” he said in a statement.

Mr. Cheema said the State has also witnessed a significant increase in its net GST and excise revenue for December 2024 compared to December 2023. “The State registered an impressive 28.36% increase in net GST revenue and a 21.31% increase in excise revenue,” he added.

The Finance Minister said the revenue collection from net GST alone in December 2024 was ₹2,013.20 crore, which is an increase of ₹444.84 crore from the net GST collection of ₹1,568.36 crore in December 2023. “Similarly, the revenue from excise in December 2024 stood at ₹880.92 crore, marking an increase of ₹154.75 crore from the ₹726.17 crore collected in December 2023,” he said.

He added that the figures are indicative of the State’s robust economic policies and the consistent increase in revenue collection across various sectors demonstrates the effectiveness of the measures implemented by the Excise and Taxation Department to enhance revenue streams.