Punjab Breaks Revenue Records, Surpasses ₹30,000 Crore Mark in First Three Quarters of FY 2024-25
Chandigarh, January 2
Punjab has achieved a historic milestone in revenue collection, exceeding ₹30,000 crore in the first nine months of the 2024-25 fiscal year. This announcement was made by Punjab Finance, Planning, Excise, and Taxation Minister Harpal Singh Cheema.
Total revenue collected from VAT, CST, GST, PSDT, and Excise reached ₹31,156.31 crore by December 2024, a significant increase of ₹3,229 crore compared to the ₹27,927.31 crore collected during the same period in FY 2023-24.
Key highlights include substantial growth in net GST and Excise revenue in December 2024 compared to December 2023:
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- Net GST Revenue: Increased by 28.36%, reaching ₹2,013.20 crore in December 2024, up from ₹1,568.36 crore in December 2023 (an increase of ₹444.84 crore).
- Excise Revenue: Increased by 21.31%, totaling ₹880.92 crore in December 2024, compared to ₹726.17 crore in December 2023 (an increase of ₹154.75 crore).
- Total Revenue Growth in December 2024: Overall revenue from VAT, CST, GST, PSDT, and Excise saw a 20.19% increase compared to the same month last year.
A detailed breakdown of revenue collection up to December 2024 reveals:
- VAT: ₹5,643.81 crore (compared to ₹5,385.24 crore in FY 2023-24)
- CST: ₹274.31 crore (compared to ₹220.72 crore in FY 2023-24)
- GST: ₹17,405.99 crore (compared to ₹15,523.74 crore in FY 2023-24)
- PSDT: ₹139.10 crore (compared to ₹121.6 crore in FY 2023-24)
- Excise: ₹7,693.1 crore (compared to ₹6,676.01 crore in FY 2023-24)
Minister Cheema attributed this record-breaking performance to the state’s robust economic policies and the Chief Minister Bhagwant Singh Mann-led government’s commitment to fiscal prudence and sustainable growth. He emphasized that the consistent revenue growth across various sectors demonstrates the effectiveness of measures implemented by the Excise and Taxation Department to enhance revenue streams.
