Punjab Finance, Planning, Excise, and Taxation Minister Advocate Harpal Singh Cheema has said that the state has, for the first time, surpassed the Rs 30,000 crore mark in revenue collection from VAT, CST, GST, PSDT, and Excise within the first nine months of a fiscal year. In the current fiscal year, the total revenue received from these taxes up to December is Rs 31,156.31 crore, whereas in the fiscal year 2023-24, the same was Rs 27,927.31 crore.

Revealing this in a press communiqué issued here, Finance Minister Cheema said the state has also witnessed a significant increase in its net GST and Excise revenue for December 2024 compared to the same month in 2023. The state registered an impressive 28.36 per cent increase in net GST revenue and a 21.31 per cent increase in Excise revenue, he added.

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The Finance Minister further elaborated that the revenue collection from net GST alone in December 2024 was Rs 2013.20 crore, which is an increase of Rs 444.84 crore from the net GST collection of Rs 1 568.36 crore in December 2023. Similarly, the revenue from excise in December 2024 stood at Rs 880.92 crore, marking an increase of Rs 154.75 crore from the Rs 726.17 crore collected in December 2023, he added..

Providing a detailed breakdown of the revenue received from VAT, CST, GST, PSDT, and Excise up to December in the financial year 2024-25, Finance Minister Harpal Singh Cheema informed that the state collected Rs 5,643.81 crore from VAT, Rs 274.31 crore from CST, Rs 17,405.99 crore from GST, Rs 139.10 crore from PSDT, and Rs 7693.1 crore from Excise.

This is in comparison to the previous financial year 2023-24, where Rs 5,385.24 crore was received from VAT, Rs 220.72 crore from CST, Rs 15523.74 crore from GST, Rs 121.6 crore from PSDT, and Rs 6676.01 crore from Excise. He said that the total collection from VAT, CST, GST, PSDT, and Excise registered an increase of Rs 3229 crore upto December 2024 as compared to FY 2023-24

Finance Minister Cheema said that these figures are indicative of the state’s robust economic policies and a testament to the Chief Minister Bhagwant Singh Mann led Punjab Government’s commitment to achieving fiscal prudence and sustainable growth. He said that 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.