? Among Top 3 General Category States (GCS) with GST Growth Above National Average
? Excise Revenue Rises by 15.33%, Overall Tax Revenue from GST, Excise, VAT, CST & PSDT Grows by 11.67%
Chandigarh, February 2:
Punjab’s Finance, Planning, Excise, and Taxation Minister Advocate Harpal Singh Cheema announced on Sunday that the state has achieved an impressive 11.87% growth in net Goods and Services Tax (GST) collection up to January in the current fiscal year (FY 2024-25), compared to FY 2023-24. This growth rate surpasses the national average of 10%. Additionally, Punjab recorded a significant 15.33% increase in excise revenue and an overall tax revenue growth of 11.67% from net GST, Excise, VAT, CST, and PSDT.
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In an official statement, Finance Minister Harpal Singh Cheema revealed that Punjab is among the top 3 general category states (GCS) in India that have exceeded the national GST growth rate. The state’s net GST collection up to January 2025 stood at ₹19,414.57 crore, compared to ₹17,354.26 crore in the same period of FY 2023-24, marking a growth of ₹2,060.31 crore. In January 2025 alone, Punjab recorded a 9.73% growth in net GST, with collections reaching ₹2,008.58 crore, compared to ₹1,830.52 crore in January 2024.
Excise Revenue Sees Notable Growth
Providing details on excise revenue, Minister Cheema stated that Punjab collected ₹8,588.31 crore up to January 2025, compared to ₹7,446.46 crore during the same period in FY 2023-24, registering a growth of ₹1,141.85 crore. In January 2025 alone, excise revenue grew by 15.91%, with collections reaching ₹893.04 crore, compared to ₹770.45 crore in January 2024.
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Total Tax Revenue Surpasses ₹34,700 Crore
The total tax revenue from net GST, Excise, VAT, CST, and PSDT up to January 2025 reached ₹34,704.4 crore, reflecting a net increase of ₹3,625.46 crore, compared to ₹31,078.94 crore collected in the same period of FY 2023-24. The total tax collection in January 2025 saw a 12.48% growth, reaching ₹3,545.09 crore, compared to ₹3,151.63 crore in January 2024.
Government’s Commitment to Strengthening Punjab’s Economy
Reaffirming the Chief Minister Bhagwant Singh Mann-led Punjab Government’s commitment to making the state financially self-reliant, Finance Minister Harpal Singh Cheema praised the efforts of the Excise and Taxation Department. He highlighted that the revenue increase was achieved without burdening taxpayers but by closing loopholes, curbing tax evasion, and improving regulatory oversight.
Minister Cheema emphasized that the Punjab government remains focused on boosting its own tax revenue, ensuring financial stability and sustainable development in the state. ?
